Marriott Vacations Worldwide (VAC) 10-K 1 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 22, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2598330
Entity Address, Address Line One	9002 San Marco Court
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32819
City Area Code	407
Local Phone Number	206-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VAC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6,667,644,233
Entity Common Stock, Shares Outstanding		42,104,128
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement prepared for the 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001524358

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from contracts with customers	$ 3,622	$ 2,619	$ 3,984
REVENUES
Financing	268	267	275
Cost reimbursements	1,128	1,042	1,108
TOTAL REVENUES	3,890	2,886	4,259
EXPENSES
Marketing and sales	617	386	748
Financing	88	107	91
General and administrative	227	154	248
Depreciation and amortization	146	123	141
Litigation charges	10	6	7
Restructuring	0	25	0
Royalty fee	106	95	106
Impairment	3	100	99
Cost reimbursements	1,128	1,042	1,108
TOTAL EXPENSES	3,440	2,984	3,801
(Losses) gains and other (expense) income, net	(51)	(26)	16
Interest expense	(164)	(150)	(132)
Transaction and integration costs	(110)	(66)	(118)
Other	2	0	1
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	127	(340)	225
(Provision for) benefit from income taxes	(74)	84	(83)
NET INCOME (LOSS)	53	(256)	142
Net income attributable to noncontrolling interests	(4)	(19)	(4)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 49	$ (275)	$ 138
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 1.15	$ (6.65)	$ 3.13
Diluted (in usd per share)	1.13	(6.65)	3.09
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 1.08	$ 0.54	$ 1.89
Sale of vacation ownership products
Revenue from contracts with customers	$ 1,153	$ 546	$ 1,354
Expenses	250	150	349
Management and exchange
Revenue from contracts with customers	855	755	949
Expenses	521	475	547
Rental
Revenue from contracts with customers	486	276	573
Expenses	$ 344	$ 321	$ 357

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 53	$ (256)	$ 142
Other comprehensive (loss) income:
Foreign currency translation adjustments	11	6	(27)
Derivative instrument adjustment	21	(18)	(15)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	32	(12)	(42)
Net income attributable to noncontrolling interests	(4)	(19)	(4)
Other comprehensive income attributable to noncontrolling interests	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(4)	(19)	(4)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 81	$ (287)	$ 96

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 342	$ 524
Restricted cash (including $139 and $68 from VIEs, respectively)	461	468
Accounts receivable, net (including $12 and $11 from VIEs, respectively)	279	276
Vacation ownership notes receivable, net (including $1,662 and $1,493 from VIEs, respectively)	2,045	1,840
Inventory	719	759
Property and equipment, net	1,136	791
Goodwill	3,150	2,817
Intangibles, net	993	952
Other (including $76 and $54 from VIEs, respectively)	488	471
TOTAL ASSETS	9,613	8,898
LIABILITIES AND EQUITY
Accounts payable	265	209
Advance deposits	160	147
Accrued liabilities (including $2 and $1 from VIEs, respectively)	345	349
Deferred revenue	453	488
Payroll and benefits liability	201	157
Deferred compensation liability	142	127
Securitized debt, net (including $1,877 and $1,604 from VIEs, respectively)	1,856	1,588
Debt, net	2,631	2,680
Other	224	197
Deferred taxes	350	274
TOTAL LIABILITIES	6,627	6,216
Contingencies and Commitments (Note 13)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,519,049 and 75,279,061 shares issued, respectively	1	1
Treasury stock — at cost; 33,235,671 and 34,184,813 shares, respectively	(1,356)	(1,334)
Additional paid-in capital	4,072	3,760
Accumulated other comprehensive loss	(16)	(48)
Retained earnings	275	272
TOTAL MVW SHAREHOLDERS' EQUITY	2,976	2,651
Noncontrolling interests	10	31
TOTAL EQUITY	2,986	2,682
TOTAL LIABILITIES AND EQUITY	$ 9,613	$ 8,898

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Restricted cash	$ 461	$ 468
Accounts receivable, including VIE, after allowance for credit loss	279	276
Vacation ownership notes receivable, net	2,045	1,840
Other assets	488	471
Accrued liabilities	345	349
Securitized debt	$ 1,856	$ 1,588
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	75,519,049	75,279,061
Treasury stock, shares (in shares)	33,235,671	34,184,813
Variable Interest Entity
Restricted cash	$ 139	$ 68
Accounts receivable, including VIE, after allowance for credit loss	12	11
Vacation ownership notes receivable, net	1,662	1,493
Other assets	76	54
Accrued liabilities	2	1
Securitized debt	$ 1,877	$ 1,604

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net (loss) income	$ 53	$ (256)	$ 142
Adjustments to reconcile net income (loss) to net cash, cash equivalents, and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	146	123	141
Amortization of debt discount and issuance costs	56	22	19
Vacation ownership notes receivable reserve	101	150	112
Share-based compensation	51	36	33
Impairment charges	3	100	99
Gain on disposal of property and equipment, net	0	(4)	(18)
Deferred income taxes	34	(38)	5
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable	0	21	69
Vacation ownership notes receivable originations	(750)	(377)	(817)
Vacation ownership notes receivable collections	686	620	493
Inventory	61	18	65
Other assets	(46)	44	37
Accounts payable, advance deposits and accrued liabilities	42	(146)	17
Deferred revenue	88	59	10
Payroll and benefit liabilities	35	(29)	(25)
Deferred compensation liability	22	17	18
Other liabilities	27	0	23
Deconsolidation of certain Consolidated Property Owners' Associations	(168)	0	0
Purchase of vacation ownership units for future transfer to inventory	(98)	(61)	(20)
Other, net	0	0	(21)
Net cash, cash equivalents, and restricted cash provided by operating activities	343	299	382
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired	(157)	0	0
Proceeds from collection of notes receivable	0	0	38
Capital expenditures for property and equipment (excluding inventory)	(47)	(41)	(46)
Purchase of company owned life insurance	(14)	(6)	(6)
Dispositions, net	3	15	51
Other, net	2	0	0
Net cash, cash equivalents, and restricted cash (used in) provided by investing activities	(213)	(32)	37
FINANCING ACTIVITIES
Borrowings from securitization transactions	957	690	1,026
Repayment of debt related to securitization transactions	(868)	(960)	(880)
Proceeds from debt	1,111	1,166	935
Repayments of debt	(1,339)	(705)	(820)
Purchase of convertible note hedges	(100)	0	0
Proceeds from issuance of warrants	70	0	0
Payment of debt issuance costs	(22)	(14)	(20)
Finance lease payment	(5)	(11)	(12)
Repurchase of common stock	(78)	(82)	(465)
Payment of dividends	(23)	(45)	(81)
Payment of withholding taxes on vesting of restricted stock units	(20)	(16)	(15)
Other, net	0	0	1
Net cash, cash equivalents, and restricted cash (used in) provided by financing activities	(317)	23	(331)
Effect of changes in exchange rates on cash, cash equivalents, and restricted cash	(2)	1	(1)
Change in cash, cash equivalents, and restricted cash	(189)	291	87
Cash, cash equivalents, and restricted cash, beginning of year	992	701	614
Cash, cash equivalents, and restricted cash, end of year	803	992	701
SUPPLEMENTAL DISCLOSURES
Dividends payable	23	0	23
Non-cash issuance of treasury stock in connection with Welk Acquisition	248	0	0
Non-cash transfer from inventory to property and equipment	105	74	0
Non-cash transfer from property and equipment to inventory	2	0	71
Non-cash transfer from other assets to property and equipment	22	0	0
Non-cash issuance of treasury stock for employee stock purchase plan	3	2	2
Interest paid, net of amounts capitalized	184	176	167
Income taxes paid, net of refunds	$ (13)	$ (32)	$ 53

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	ILG, Inc	Welk	Previously Reported	Revision of Prior Period, Accounting Standards Update, Adjustment	Total MVW Shareholders' Equity	Total MVW Shareholders' EquityWelk	Total MVW Shareholders' EquityPreviously Reported	Total MVW Shareholders' EquityRevision of Prior Period, Accounting Standards Update, Adjustment	Common Stock	Common StockPreviously Reported	Treasury Stock	Treasury StockWelk	Treasury StockPreviously Reported	Additional Paid-In Capital	Additional Paid-In CapitalWelk	Additional Paid-In CapitalPreviously Reported	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Previously Reported	Retained Earnings	Retained EarningsPreviously Reported	Retained EarningsRevision of Prior Period, Accounting Standards Update, Adjustment	Noncontrolling Interests	Noncontrolling InterestsILG, Inc	Noncontrolling InterestsPreviously Reported
Beginning balance (in shares) at Dec. 31, 2018										57,600,000
Beginning balance at Dec. 31, 2018	$ 3,458			$ 3,466	$ (8)	$ 3,453		$ 3,461	$ (8)	$ 1	$ 1	$ (790)		$ (790)	$ 3,721		$ 3,721	$ 6	$ 6	$ 515	$ 523	$ (8)	$ 5		$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	142					138														138			4
Acquisition		$ 3																						$ 3
Foreign currency translation adjustments	(27)					(27)												(27)
Derivative instrument adjustment	(15)					(15)												(15)
Amounts related to share-based compensation (in shares)										300,000
Amounts related to share-based compensation	16					16									16
Repurchase of common stock	(465)					(465)						(465)
Dividends	(84)					(84)														(84)
Tax restructuring transaction (in shares)										17,100,000
Tax restructuring transaction	0
Employee stock plan issuance	3					3						2			1
Ending balance (in shares) at Dec. 31, 2019											75,000,000
Ending balance at Dec. 31, 2019	3,031					3,019				$ 1		(1,253)			3,738			(36)		569			12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(256)					(275)														(275)			19
Foreign currency translation adjustments	6					6												6
Derivative instrument adjustment	(18)					(18)												(18)
Amounts related to share-based compensation (in shares)										300,000
Amounts related to share-based compensation	21					21									21
Repurchase of common stock	(82)					(82)						(82)
Dividends	(22)					(22)														(22)
Employee stock plan issuance	$ 2					2						1			1
Ending balance (in shares) at Dec. 31, 2020	75,279,061									75,300,000
Ending balance at Dec. 31, 2020	$ 2,682					2,651				$ 1		(1,334)			3,760			(48)		272			31
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	53					49														49			4
Acquisition			$ 248				$ 248						$ 55			$ 193
Foreign currency translation adjustments	11					11												11
Derivative instrument adjustment	21					21												21
Amounts related to share-based compensation (in shares)										200,000
Amounts related to share-based compensation	30					30						1			29
Equity component of convertible notes, net of issuance costs	117					117									117
Purchase of convertible note hedges	(100)					(100)									(100)
Issuance of warrants	70					70									70
Repurchase of common stock	(78)					(78)						(78)
Dividends	(46)					(46)														(46)
Employee stock plan issuance	3					3									3
Deconsolidation of certain Consolidated Property Owners' Associations	$ (25)																						(25)
Ending balance (in shares) at Dec. 31, 2021	75,519,049									75,500,000
Ending balance at Dec. 31, 2021	$ 2,986					$ 2,976				$ 1		$ (1,356)			$ 4,072			$ (16)		$ 275			$ 10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-02 [Member]

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The consolidated financial statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW,” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Consolidated Statements of Cash Flows as our “Cash Flows.” References throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Consolidated Financial Statements, unless otherwise noted. We also refer to Marriott International, Inc. as “Marriott International” and Marriott International’s Marriott Bonvoy customer loyalty program as “Marriott Bonvoy.” We use certain other terms that are defined within these Financial Statements. The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss attributable to common shareholders and MVW shareholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. Pursuant to a change in control of certain consolidated owners’ associations, we recorded a non-cash loss of $1 million in (Losses) gains and other (expense) income, net on our Income Statement for the year ended December 31, 2021, and deconsolidated $179 million of assets, inclusive of $168 million of restricted cash, and $155 million of liabilities, for a decrease in Noncontrolling interests of $25 million during 2021. See our Consolidated Statements of Shareholders’ Equity for further information. We continue to act as manager for these owners’ associations pursuant to existing management contracts and retain membership interests via our ownership of vacation ownership interests. These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainty created by the continuing COVID-19 pandemic (as defined below), and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from these estimated amounts, and such differences may be material. We have reclassified certain prior year amounts to conform with our current year presentation. COVID-19 Pandemic and Restructuring Update In early 2020, the World Health Organization declared the coronavirus (COVID-19) outbreak a global pandemic (“COVID-19,” “the COVID-19 pandemic,” “the pandemic,” or “the virus”). The COVID-19 pandemic caused significant disruptions in international and U.S. economies and markets, and has had an unprecedented impact on the travel and hospitality industries, as well as the Company. Our results of operations for fiscal year 2021 and 2020 reflect significantly adverse impacts related to the COVID-19 pandemic. At this time, our businesses continue to recover, and nearly all of our sales centers, resorts, and other properties have reopened, however the COVID-19 pandemic, and any recovery therefrom, continues to evolve and its further potential impacts on our business is the future remain uncertain. We continue to closely monitor and seek to actively manage the ongoing effects of the COVID-19 pandemic on our business and operations, and to adapt our operations. We recorded $25 million in Restructuring charges on our Income Statement for the year ended December 31, 2020, related to a workforce reduction plan that was adopted as a result of the COVID-19 pandemic. The balance in our restructuring reserve as of December 31, 2020 was $17 million and related solely to employee termination costs. During the year ended December 31, 2021, we recorded a true up of less than $1 million in Restructuring charges on our Income Statement, and our restructuring reserve balance was less than $1 million as of December 31, 2021. Acquisition of Welk On April 1, 2021 (the “Welk Acquisition Date”), we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. The Financial Statements in this report for fiscal year 2021 include Welk’s results of operations for the last three quarters of 2021, and reflect the financial position of our combined company at December 31, 2021. We refer to the business and brands that we acquired in the Welk Acquisition as “Legacy-Welk.” See Footnote 3 “Acquisitions and Dispositions” for more information on the Welk Acquisition. Acquisition of ILG

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition We account for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers ” (“ASC 606”). Sale of Vacation Ownership Products We market and sell vacation ownership products in our Vacation Ownership segment. Vacation ownership products include deeded vacation ownership products, deeded beneficial interests, rights to use real estate and other interests in trusts that solely hold real estate (collectively “vacation ownership products” or “VOIs”). Vacation ownership products may be sold for cash or we may provide financing. In connection with the sale of vacation ownership products, we provide sales incentives to certain purchasers and, in certain cases, membership in a brand affiliated club. Non-cash incentives typically include Marriott Bonvoy points, Hyatt’s customer loyalty program points (“World of Hyatt” points), or an alternative sales incentive that we refer to as “plus points.” Plus points are redeemable for stays at our resorts or for use in an exclusive selection of travel packages provided by affiliate tour operators (the “Explorer Collection”), generally up to two years from the date of issuance. Typically, sales incentives are only awarded if the sale is closed. Upon execution of a legal sales agreement, we typically receive an upfront deposit from our customer with the remainder of the purchase price for the vacation ownership product to either be collected at closing (“cash contract”) or financed by the customer through our financing programs (“financed contract”). Refer to “ Financing Revenues ” below for further information regarding financing terms. Customer deposits received for contracts are recorded as Advance deposits on our Balance Sheets until the point in time at which control of the vacation ownership product has transferred to the customer. Our assessment of collectability of the transaction price for sales of vacation ownership products is aligned with our credit granting policies for financed contracts. In determining the consideration to which we expect to be entitled for financed contracts, we include estimated variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the customer class and the results of our static pool analyses, which rely on historical payment data by customer class as described in “ Loan Loss Reserves ” below. Variable consideration which has not been included within the transaction price is presented as a reserve on vacation ownership notes receivable. Revisions to estimates of variable consideration from the sale of vacation ownership products impact the reserve on originated vacation ownership notes receivable and can increase or decrease revenue. Revenues were reduced during 2021 by $9 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. See Footnote 6 “Vacation Ownership Notes Receivable” for information on increases to our vacation ownership notes receivable reserve attributable to the COVID-19 pandemic. In addition, we account for cash incentives provided to customers as a reduction of the transaction price. Refer to “ Arrangements with Multiple Performance Obligations ” below for a description of our methods of allocating transaction price to each performance obligation. We evaluated our business practices, and the underlying risks and rewards associated with vacation ownership products and the respective timing that such risks and rewards are transferred to the customer in determining the point in time at which control of the vacation ownership product is transferred to the customer. Based upon the different terms of the contracts with the customer and business practices, we transfer control of the vacation ownership product at different times for our different businesses. We recognize revenue on the sale of Legacy-MVW and Legacy-Welk vacation ownership products at closing. We recognize revenue on the sale of Legacy-ILG vacation ownership products upon expiration of the rescission period. Revenue for non-cash incentives, such as plus points, is recorded as Deferred revenue on our Balance Sheets at closing and is recognized as rental revenue upon transfer of control to the customer, which typically occurs upon delivery of the incentive, or at the point in time when the incentive is redeemed. For non-cash incentives provided by third parties (i.e. Marriott Bonvoy points, World of Hyatt points or third-party Explorer Collection offerings), we evaluated whether we control the underlying good or service prior to delivery to the customer. We concluded that we are an agent for those non-cash incentives which we do not control prior to delivery and as such record the related revenue net of the related cost upon recognition. Management and Exchange Revenues and Cost Reimbursements Revenues Ancillary Revenues Ancillary revenues consist of goods and services that are sold or provided by us at food and beverage outlets, golf courses and other retail and service outlets located at our resorts. Payments for such goods and services are generally received at the point of sale in the form of cash or credit card charges. For goods and services sold, we evaluate whether we control the underlying goods or services prior to delivery to the customer. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. We recognize ancillary revenue at the point in time when goods have been provided and/or services have been rendered. Management Fee Revenues and Cost Reimbursements Revenues We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain accounting and administrative services for owners’ associations, condominium owners and hotels. We generate revenue from fees we earn for managing vacation ownership resorts, clubs, owners’ associations, condominiums and hotels. In our Vacation Ownership segment, these fees are earned regardless of usage or occupancy and are typically based on either a percentage of the budgeted costs to operate the resorts or a fixed fee arrangement (“VO management fee revenues”). In our Exchange & Third-Party Management segment, we earn base management fees which are typically either (i) fixed amounts, (ii) amounts based on a percentage of adjusted gross lodging revenue, or (iii) various revenue sharing agreements based on stated formulas (“Base management fee revenues”) and incentive management fees, which are generally a percentage of either operating profits or improvement in operating profits (“Incentive management fees”). In addition, we receive reimbursement of costs incurred on behalf of our customers, which consist of actual expenses with no added margin (“cost reimbursements”). Vacation Ownership segment cost reimbursements revenues exclude amounts that we have paid to the owners’ associations related to maintenance fees for unsold vacation ownership products, as we have concluded that such payments are consideration payable to a customer. Management fees are collected over time or upfront depending upon the specific management contract. Cost reimbursements are received over time and considered variable consideration. We have determined that a significant financing component does not exist as a substantial amount of the consideration promised by the customer is paid when the associated variable consideration is determined. We evaluated the nature of the management services provided and concluded that the management services constitute a series of distinct services to be accounted for as a single performance obligation transferred over time. We use an input method, the number of days that management services are provided, to recognize VO management fee revenues and Base management fee revenues, which is consistent with the pattern of transfer to the customers who receive and consume the benefits as services are provided each day. We recognize Incentive management fees as earned throughout the incentive period based on actual results, which is subject to estimation of the transaction price. Any consideration we receive in advance of services being rendered is recorded as Deferred revenue on our Balance Sheets and is recognized ratably across the service period to which it relates. We recognize variable consideration for Cost reimbursements revenues when the reimbursable costs are incurred. Other Services Revenues Other services revenues includes revenues from membership fees, club dues and additional fees for services we provide to customers. Membership fees and club dues are received in advance of providing access to the exchange services, are recorded as Deferred revenue on our Balance Sheets and are earned regardless of whether exchange services are provided. Generally, Interval International memberships are cancellable and refundable on a pro-rata basis, with the exception of the Interval International network’s Platinum tier which is non-refundable. Transaction-based fees are typically collected at a point in time. We have determined that exchange services constitute a stand-ready obligation for us to provide unlimited access to exchange services over a defined period of time, when and if a customer (or customer of a customer) requests. We have determined that customers benefit from the stand-ready obligation evenly throughout the period in which the customer has access to exchange services and as such, recognize membership fees and club dues on a straight-line basis over the related period of time. Transaction-based fees are recognized as revenue at the point in time at which the relevant goods or services are transferred to the customer. For transaction-based fees, we evaluate whether we control the underlying goods or services prior to delivery to the customer. Transaction-based fees from exchanges and other transactions in our Exchange & Third-Party Management segment are generally recognized when confirmation of the transaction is provided and services have been rendered. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. Financing Revenues We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten fifteen Financing revenues include transaction-based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered. Rental Revenues In our Vacation Ownership segment, we generate revenue from rentals of inventory that we hold for sale as interests in our vacation ownership programs, inventory that we control because our owners have elected alternative usage options permitted under our vacation ownership programs and rentals of owned-hotel properties. In our Exchange & Third-Party Management segment, we offer vacation rental opportunities for managed properties and to members of the Interval International network and certain other membership programs from seasonal oversupply or underutilized space, as well as sourced resort accommodations. We receive payments for rentals primarily through credit card charges. We generally recognize rental revenues when occupancy has occurred, which is consistent with the period in which the customer benefits from such service. For certain rental revenues associated with our Exchange & Third-Party Management segment, revenue is recognized when confirmation of the transaction is provided as we concluded we are an agent for these transactions. We recognize rental revenue from the utilization of plus points issued in connection with the sale of vacation ownership products, as described in “ Sale of Vacation Ownership Products ” above, when occupancy has occurred. We also generate revenues from vacation packages sold to our customers. The packages have an expiration period of six twenty-four Real Estate – Time-Sharing Activities .” Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In cases where the standalone selling price is not readily available, we generally determine the standalone selling prices utilizing the adjusted market approach, using prices from similar contracts, our historical pricing on similar contracts, our internal marketing and selling data and other internal and external inputs we deem to be appropriate. Significant judgment is required in determining the standalone selling price under the adjusted market approach. Receivables, Contract Assets & Contract Liabilities As discussed above, the payment terms and conditions in our customer contracts vary. In some cases, customers prepay for their goods and services; in other cases, after appropriate credit evaluations, payment is due in arrears. When the timing of our delivery of goods and services is different from the timing of the payments made by customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance or when we have a right to consideration that is unconditional before the transfer of goods or services to a customer). Receivables are recorded when the right to consideration becomes unconditional. Contract liabilities are recognized as revenue as (or when) we perform under the contract. See Footnote 4 “Revenue and Receivables” for additional information related to our receivables, contract assets and contract liabilities. Costs Incurred to Sell Vacation Ownership Products We charge marketing and sales costs we incur to sell vacation ownership products to expense when incurred. Earnings or Loss Per Share Attributable to Common Shareholders Basic earnings or loss per share attributable to common shareholders is calculated by dividing the earnings or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share attributable to common shareholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per share attributable to common shareholders by application of the treasury stock method. Any potentially dilutive equity-based compensation awards are excluded from the calculation for periods when there is a net loss attributable to common shareholders to avoid anti-dilutive effects. Business Combinations We allocate the purchase price of an acquisition to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. We recognize as goodwill the amount by which the purchase price of an acquired entity exceeds the net of the fair values assigned to the assets acquired and liabilities assumed. In determining the fair values of assets acquired and liabilities assumed, we use various recognized valuation methods including the income, cost and market approaches. Further, we make assumptions within certain valuation techniques, including discount rates, royalty rates, and the amount and timing of future cash flows. We record the net assets and results of operations of an acquired entity in our Financial Statements from the acquisition date. We initially perform these valuations based upon preliminary estimates and assumptions by management or independent valuation specialists under our supervision, where appropriate, and make revisions as estimates and assumptions are finalized. We expense acquisition-related costs as we incur them. As part of our accounting for business combinations we are required to determine the useful lives of identifiable intangible assets recognized separately from goodwill. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the acquired business. An intangible asset with a finite useful life shall be amortized; an intangible asset with an indefinite useful life shall not be amortized. We base the estimate of the useful life of an intangible asset on an analysis of all pertinent factors, in particular, all of the following factors with no one factor being more presumptive than the other: • The expected use of the asset. • The expected useful life of another asset or a group of assets to which the useful life of the intangible asset may relate. • Any legal, regulatory, or contractual provisions that may limit the useful life. • Our own historical experience in renewing or extending similar arrangements, consistent with our intended use of the asset, regardless of whether those arrangements have explicit renewal or extension provisions. • The effects of obsolescence, demand, competition, and other economic factors. • The level of maintenance expenditures required to obtain the expected future cash flows from the asset. If no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of an intangible asset to the reporting entity, the useful life of the asset shall be considered to be indefinite. The term indefinite does not mean the same as infinite or indeterminate. The useful life of an intangible asset is indefinite if that life extends beyond the foreseeable horizon; that is, there is no foreseeable limit on the period of time over which it is expected to contribute to the cash flows of the acquired business. Although we believe the assumptions and estimates we have made have been reasonable and appropriate, they are based in part on historical experience and information obtained from the management of the acquired entity and are inherently uncertain. Examples of critical estimates in accounting for acquisitions include but are not limited to future expected cash flows from sales of products and services and related contracts and agreements and discount and long-term growth rates. Unanticipated events and circumstances may occur which could affect the accuracy or validity of our assumptions, estimates or actual results. Variable Interest Entities We consolidate entities under our control, including VIEs where we are deemed to be the primary beneficiary. In accordance with the applicable accounting guidance for the consolidation of VIEs, we analyze our variable interests, including loans, guarantees and equity investments, to determine if an entity in which we have a variable interest is a VIE. Our analysis includes both quantitative and qualitative reviews. We base our quantitative analysis on the forecasted cash flows of the entity, and our qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analyses to determine if we must consolidate a VIE because we are its primary beneficiary. Fair Value Measurements We have several financial instruments that we must measure at fair value on a recurring basis. See Footnote 7 “Financial Instruments” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities. The applicable accounting standards define fair value as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure fair value of our assets and liabilities using inputs from the following three levels of the fair value hierarchy: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. • Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). • Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data. Cash and Cash Equivalents We consider all highly liquid investments with an initial purchase maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash Restricted cash primarily consists of cash restricted for use by consolidated owners’ associations which is designated for resort operations and other specific uses, such as reserves, cash held in a reserve account related to vacation ownership notes receivable securitizations, cash collected for maintenance fees to be remitted to owners’ associations, and deposits received and held in escrow, primarily associated with the sale of vacation ownership products. Accounts Receivable Accounts receivable are stated at amounts due from customers, principally resort developers, members and managed properties, net of a reserve for credit losses. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our credit loss reserve for accounts receivable by considering a number of factors, including previous loss history, our judgment as to the specific customer’s current ability to pay its obligation and the condition of the general economy. We write off accounts receivable when they become uncollectible once we have exhausted all means of collection. Accounts receivable is presented net of a reserve for credit losses of $14 million and $15 million at December 31, 2021 and December 31, 2020, respectively. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income. Acquired Vacation Ownership Notes Receivable Reserve for Credit Losses As part of the ILG Acquisition, we acquired existing portfolios of vacation ownership notes receivable. At acquisition, we recorded these vacation ownership notes receivable at fair value. Upon adoption of ASU 2016-13 (as defined below) on January 1, 2020, we account for these acquired vacation ownership notes receivable using the purchased credit deteriorated assets provision of the current expected credit loss model, whereby we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. The estimates of the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses. Any changes in the reserve for credit losses are recorded as Financing expenses on our Income Statements. In addition, we established a noncredit discount of $2 million, which represented the difference between the amortized cost basis and the par value of our acquired vacation ownership notes receivable at January 1, 2020. The noncredit discount will be amortized to interest expense over the contractual life of the acquired vacation ownership notes receivable and is recorded as Financing expenses on our Income Statements. The vacation ownership notes receivable acquired as part of the Welk Acquisition were recorded at fair value using the purchased credit deteriorated assets provision of the current expected credit loss model, consistent with the principles outlined above. Originated Vacation Ownership Notes Receivable Reserve We record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our originated vacation ownership notes receivable. See “Financing Revenues” above for further information. Inventory Our inventory consists primarily of completed vacation ownership products. We carry our inventory at the lower of (1) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes plus other costs incurred during construction, or (2) estimated fair value, less costs to sell, which can result in impairment charges and/or recoveries of previous impairments. We account for vacation ownership inventory and cost of vacation ownership products in accordance with the authoritative guidance for accounting for real estate time-sharing transactions, which defines a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to the guidance for accounting for real estate time-sharing transactions, we do not reduce inventory for cost of vacation ownership products related to variable consideration which has not been included within the transaction price (accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable). These standards provide for changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-up activity, and are recorded in Cost of vacation ownership product expenses on the Income Statements to retrospectively adjust the margin previously recorded subject to those Property and Equipment Property and equipment includes our sales centers, golf courses, information technology, including internally developed capitalized software, and other assets used in the normal course of business, as well as land held for future vacation ownership product development and undeveloped, and partially developed land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. In addition, fully developed vacation ownership interests are classified as property and equipment until they are registered and available for sale. We record property and equipment at cost, including interest and real estate taxes incurred during active development. We capitalize the cost of improvements that extend the useful life of property and equipment when incurred. We expense all repair and maintenance costs as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the assets ( three We also capitalize certain qualified costs incurred in connection with the development of internal use software. Capitalization of internal use software costs begins when the preliminary project stage is completed, management with the relevant authority authorizes and commits to the funding of the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. Leases We account for leases in accordance with ASC Topic 842, “ Leases ” (“ASC 842”). We determine if an arrangement is or contains a lease at contract inception. Operating leases include lease arrangements for various land, corporate facilities, real estate and equipment. Corporate facilities leases are for office space, including our current corporate headquarters in Orlando, Florida. Other operating leases are primarily for office, off-site sales centers and retail space, as well as various equipment supporting our operations, with varying terms and renewal option periods. Finance leases include lease arrangements for ancillary and operations space. We also have a long-term finance lease for land underlying an operating hotel. In addition, we also lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets is limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Short-term leases, which have an initial term of a year or less, are not recorded on the balance sheet. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macro-economic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. Because the rate implicit in our leases is not readily determinable, we use our incremental borrowing rate as the discount rate, which approximates the interest rate at which we could borrow on a collateralized basis with similar terms and payments and in similar economic environments. Right-of-use assets exclude the unamortized portion of lease incentives received. Certain of our lease agreements include variable rental payments that are based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Additionally, with respect to our real estate leases, we do not separate lease and non-lease components. Impairment of Long-Lived Assets and Other Intangible Assets We assess long-lived assets, including property and equipment, leases, and definite-lived intangible assets, for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. We assess indefinite-lived intangible assets for potential impairment and continued indefinite use annually, or more frequently if an event or other circumstance indicates that we may not be able to recover the carrying amount of the asset. We may first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount. If the carrying value of the asset exceeds the fair value, we recognize an impairment loss in the amount of that excess. Goodwill We perform an annual review for the potential impairment of the carrying value of goodwill in the fourth quarter, or more frequently if events or circumstances indicate a possible impairment. For purposes of evaluating goodwill for impairment, we have two reporting units, which are also our reportable operating segments. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less t

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions Welk Acquisition We completed the Welk Acquisition on April 1, 2021, for consideration of $405 million, including approximately 1.4 million shares of our common stock. Welk was one of the largest independent vacation ownership companies in North America. The following table presents the fair value of each type of consideration transferred in the Welk Acquisition at December 31, 2021. (in millions, except per share amounts) Equivalent shares of Marriott Vacations Worldwide common stock issued 1.4 Marriott Vacations Worldwide common stock price per share as of Welk Acquisition Date $ 174.18 Fair value of Marriott Vacations Worldwide common stock issued 248 Cash consideration to Welk, net of cash and restricted cash acquired of $48 million 157 Total consideration transferred, net of cash and restricted cash acquired $ 405 Fair Values of Assets Acquired and Liabilities Assumed We accounted for the Welk Acquisition as a business combination, which requires us to record the assets acquired and liabilities assumed at fair value as of the Welk Acquisition Date. The values attributed to Vacation ownership notes receivable, Inventory, Property and equipment, Intangible assets, Deferred taxes and Securitized debt from VIEs are based on valuations prepared using Level 3 inputs and assumptions in accordance with ASC Topic 820, “ Fair Value Measurements ” (“ASC 820”). The value attributed to Debt is based on Level 2 inputs in accordance with ASC 820. We have finalized our valuations related to the acquired assets and liabilities of Welk, except for the valuation of certain property and equipment and our evaluation of Welk’s historical tax positions. Accordingly, these estimates are subject to change during the measurement period, which is up to one year from the Welk Acquisition Date, as permitted under GAAP. Any potential adjustments could be material in relation to the values presented in the table below. The following table presents our current estimates of the fair value of the assets that we acquired and the liabilities that we assumed in connection with the business combination as previously reported at the end of the third quarter of 2021 and as adjusted at December 31, 2021. During the fourth quarter of 2021, we refined our valuation models related to certain acquired assets and liabilities as follows: ($ in millions) April 1, 2021 Adjustments April 1, 2021 Vacation ownership notes receivable, net (1) $ 254 $ 1 $ 255 Inventory (2) 136 (25) 111 Property and equipment 111 (28) 83 Intangible assets (3) 100 2 102 Other assets 19 — 19 Deferred taxes (45) 13 (32) Debt (189) — (189) Securitized debt (184) — (184) Other liabilities (66) (27) (93) Net assets acquired 136 (64) 72 Goodwill (4) 269 64 333 $ 405 $ — $ 405 _________________________ (1) Vacation ownership notes receivable, net has been determined to constitute purchased credit deteriorated assets under the provisions of ASC Topic 326, “ Financial Instruments - Credit Losses ,” due to the impact of the COVID-19 pandemic on the Welk business and the vacation ownership industry as a whole, and has been accounted for as such. We valued the vacation ownership notes receivable using an income approach, which includes the following significant Level 3 assumptions: default rates, prepayment rates, discount rate and fair value of collateral retained upon customer default. ($ in millions) Vacation ownership notes receivable $ 287 Allowance for credit losses (32) Vacation ownership notes receivable, net $ 255 (2) Inventory consists of completed unsold VOIs. We valued inventory using an income approach, which includes significant Level 3 assumptions, such as estimates of future income growth, marketing and sales costs and discount rates. (3) Intangible assets consist of management contracts with an estimated 20 year useful life. We valued management contracts using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. This valuation approach utilizes the following Level 3 inputs: future income growth, future cost estimates and discount rate. (4) Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired. It represents the value that we expect to obtain from growth opportunities from our combined operations and is not deductible for tax purposes. Pro Forma Results of Operations The following unaudited pro forma information presents the combined results of operations of Marriott Vacations Worldwide and Welk as if we had completed the Welk Acquisition on December 31, 2019, the last day of our 2019 fiscal year, but using the estimates of the fair values of assets and liabilities as of the Welk Acquisition Date set forth above. As required by GAAP, these unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Welk Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations. There were no Welk acquisition-related costs included in the unaudited pro forma results below for 2021, and $19 million included for 2020. ($ in millions, except per share data) 2021 2020 Revenues $ 3,894 $ 3,011 Net income (loss) $ 67 $ (272) Net income (loss) attributable to common shareholders $ 66 $ (291) EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic $ 1.56 $ (7.04) Diluted $ 1.53 $ (7.04) Welk Results of Operations The following table presents the results of Welk operations included in our Income Statement for 2021. ($ in millions) 2021 Revenue $ 146 Net income $ 17 Costa Rica During the first quarter of 2021, we acquired 24 completed vacation ownership units and an operations building located at our Marriott Vacation Club at Los Suenos resort in Costa Rica for $14 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($13 million) and Property and equipment ($1 million). New York, New York During 2021, we acquired the remaining 120 completed vacation ownership units located at our Marriott Vacation Club Pulse, New York City property for $98 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Property and equipment. During 2020, we acquired 57 completed vacation ownership units, as well as office and ancillary space, located at our Marriott Vacation Club Pulse, New York City property for $89 million, of which $22 million was a prepayment for future tranches of completed vacation ownership units and $20 million was paid in 2019. We accounted for the transaction as an asset acquisition with the purchase price allocated to Property and equipment ($67 million) and Other assets ($22 million). San Francisco, California During the first quarter of 2021, we acquired 44 completed vacation ownership units at our Marriott Vacation Club Pulse, San Francisco property for $34 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($29 million) and Other assets ($5 million). During the fourth quarter of 2021, we completed the purchase of the remaining inventory at our Marriott Vacation Club Pulse, San Francisco property and wrote off the outstanding management fee receivables deemed uncollectible of $7 million, which was recorded in the Management and exchange expense line on our Income Statement for the year ended December 31, 2021. As part of the purchase, we acquired the remaining 78 completed vacation ownership units, as well as an onsite garage, for $59 million. We accounted for the purchase as an asset acquisition with the purchase price allocated to Inventory ($41 million) and Property and equipment ($18 million). Further, we reclassified $10 million of previous deposits associated with the project from Other assets to Inventory. During 2020, we acquired 34 completed vacation ownership units located at our Marriott Vacation Club Pulse, San Francisco property for $26 million, of which $5 million was a prepayment for future tranches of completed vacation ownership units. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($18 million), Other assets ($5 million), and Property and equipment ($3 million). During 2019, we acquired 78 completed vacation ownership units and a sales gallery located at our Marriott Vacation Club Pulse, San Francisco property for $58 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($48 million) and Property and equipment ($10 million). Dispositions We made no significant dispositions in 2021. During 2020, we recorded a loss of $5 million in the (Losses) gains and other (expense) income, net line on our Income Statement for the year ended December 31, 2020 relating to the redemption of our interest in a joint venture in our Exchange & Third-Party Management segment which was consolidated under the voting interest model. We received nominal cash proceeds and a note receivable which we measured at a fair value of $1 million using Level 3 inputs. Additionally, during 2020, we disposed of excess Vacation Ownership segment land parcels in Orlando, Florida and Steamboat Springs, Colorado for combined proceeds of $15 million, as part of our strategic decision to reduce holdings in markets where we have excess supply, as discussed further below. We recorded a combined net gain of $6 million in the (Losses) gains and other (expense) income, net line on our Income Statement for the year ended December 31, 2020 relating to these transactions. During 2019, we disposed of excess land parcels in Cancun, Mexico and Avon, Colorado for proceeds of $62 million, of which $8 million is deferred until certain conditions associated with the sale have been met. We recorded a combined net gain of $19 million in the (Losses) gains and other (expense) income, net line on our Income Statement for the year ended December 31, 2019. 2019 Strategy Change As a result of the ILG Acquisition, we performed a comprehensive review to evaluate the strategic fit of the land holdings and operating hotels in our Vacation Ownership segment. As a result of the change in our development strategy, in 2019, we recorded a non-cash impairment charge of $72 million, of which $61 million related to land and land improvements associated with future phases of three existing resorts, $9 million related to a land parcel held for future development and $2 million related to an ancillary business. We used a combination of the market and income approaches to estimate the fair value of these assets. Under the market approach, a Level 2 input, fair value is measured through an analysis of sales and offerings of comparable property which are adjusted to reflect differences between the asset being valued and the comparable assets, such as location, time and terms of sales, utility and physical characteristics. Under the income approach, a Level 3 input, fair value is measured through a discounted cash flow. Under the income approach, we contemplated alternative uses to comply with the highest and best use provisions of ASC 820.

REVENUE AND RECEIVABLES

REVENUE AND RECEIVABLES	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE AND RECEIVABLES	REVENUE AND RECEIVABLES Sources of Revenue by Segment The following tables detail the sources of revenue by segment for each of the last three fiscal years. 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,153 $ — $ — $ 1,153 Ancillary revenues 188 3 — 191 Management fee revenues 158 32 (19) 171 Exchange and other services revenues 124 198 171 493 Management and exchange 470 233 152 855 Rental 446 40 — 486 Cost reimbursements 1,202 47 (121) 1,128 Revenue from contracts with customers 3,271 320 31 3,622 Financing 268 — — 268 Total Revenues $ 3,539 $ 320 $ 31 $ 3,890 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 546 $ — $ — $ 546 Ancillary revenues 89 1 — 90 Management fee revenues 149 17 (22) 144 Exchange and other services revenues 118 193 210 521 Management and exchange 356 211 188 755 Rental 239 37 — 276 Cost reimbursements 1,124 59 (141) 1,042 Revenue from contracts with customers 2,265 307 47 2,619 Financing 265 2 — 267 Total Revenues $ 2,530 $ 309 $ 47 $ 2,886 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,354 $ — $ — $ 1,354 Ancillary revenues 224 4 — 228 Management fee revenues 144 46 (13) 177 Exchange and other services revenues 120 248 176 544 Management and exchange 488 298 163 949 Rental 512 61 — 573 Cost reimbursements 1,136 91 (119) 1,108 Revenue from contracts with customers 3,490 450 44 3,984 Financing 271 4 — 275 Total Revenues $ 3,761 $ 454 $ 44 $ 4,259 Timing of Revenue from Contracts with Customers by Segment The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years. 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,915 $ 154 $ 31 $ 2,100 Goods or services transferred at a point in time 1,356 166 — 1,522 Revenue from contracts with customers $ 3,271 $ 320 $ 31 $ 3,622 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,616 $ 156 $ 47 $ 1,819 Goods or services transferred at a point in time 649 151 — 800 Revenue from contracts with customers $ 2,265 $ 307 $ 47 $ 2,619 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,896 $ 194 $ 44 $ 2,134 Goods or services transferred at a point in time 1,594 256 — 1,850 Revenue from contracts with customers $ 3,490 $ 450 $ 44 $ 3,984 Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either December 31, 2021 or December 31, 2020. ($ in millions) At December 31, 2021 At December 31, 2020 Receivables Accounts receivable $ 172 $ 150 Vacation ownership notes receivable, net 2,045 1,840 $ 2,217 $ 1,990 Contract Liabilities Advance deposits $ 160 $ 147 Deferred revenue 453 488 $ 613 $ 635 Revenue recognized during the year ended December 31, 2021 that was included in our contract liabilities balance at December 31, 2020 was $395 million. Remaining Performance Obligations Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At December 31, 2021, approximately 87% of this amount is expected to be recognized as revenue over the next two years. Accounts Receivable Accounts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts receivable balances: ($ in millions) At December 31, 2021 At December 31, 2020 Receivables from contracts with customers $ 172 $ 150 Interest receivable 14 13 Tax receivable 48 60 Indemnification asset 22 15 Employee tax credit receivable 19 19 Other 4 19 $ 279 $ 276

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Tax Provision The following table presents the components of our earnings or losses before income taxes for the last three fiscal years: ($ in millions) 2021 2020 2019 United States $ 152 $ (255) $ 190 Non-U.S. jurisdictions (25) (85) 35 $ 127 $ (340) $ 225 Our (provision for) or benefit from income taxes for the last three years consisted of: ($ in millions) 2021 2020 2019 Current – U.S. Federal $ 8 $ 31 $ (12) – U.S. State (3) 1 (29) – Non-U.S. (50) 11 (36) (45) 43 (77) Deferred – U.S. Federal (36) 26 (28) – U.S. State 3 9 17 – Non-U.S. 4 6 5 (29) 41 (6) $ (74) $ 84 $ (83) Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate The following table reconciles the U.S. statutory income tax rate to our effective income tax rate: 2021 2020 2019 U.S. statutory income tax rate 21.0% 21.0% 21.0% U.S. state income taxes, net of U.S. federal tax benefit 4.3 4.5 4.2 Share-based compensation, net of Section 162(m) limitation 1.9 0.2 0.7 Other permanent differences (1) (5.5) (9.1) 5.4 Impact related to the CARES Act of 2020 — 6.0 — Tax rate changes (3.8) 0.4 (0.3) Non-U.S. income (loss) (2) 12.9 4.2 2.2 Tax credits (0.9) 0.2 (6.6) Unrecognized tax benefits 17.9 5.2 3.1 Change in valuation allowance (3) 10.4 (7.5) 7.0 Other items 0.2 (0.5) 0.2 Effective rate 58.4% 24.6% 36.9% _________________________ (1) The 2021 impact is primarily due to the deduction of foreign taxes paid in the U.S. The 2020 impact is primarily attributable to non-deductible goodwill impairment recorded due to the impact of COVID-19. The 2019 impact is primarily due to non-deductible meal and entertainment expenses and new foreign tax provisions, under provisions of the Tax Cuts and Jobs Act of 2017. (2) The 2021 impact is primarily due to increases in permanent differences in foreign jurisdictions. The 2020 and 2019 impact is attributable to the difference between U.S. and foreign income tax rates and other foreign adjustments. (3) The 2021 impact is primarily due to new valuation allowances. The 2020 impact is primarily attributable to the increase of the valuation allowance on certain foreign entities. The 2019 impact is primarily attributable to foreign tax credit carryforwards in the branch and treaty baskets and losses and future deductions in foreign tax credit carryforwards in the branch and treaty baskets. For the years ended December 31, 2021, 2020 and 2019, the provision for income taxes included $4 million, $4 million, and $2 million of excess tax benefits resulting from equity incentive plan activities, respectively. We conduct business in countries that grant “holidays” from income taxes for ten Other We are currently completing the purchase price accounting and have established certain non-income tax reserves for the Welk Acquisition, and the reserve will be finalized in 2022. We finalized our purchase price accounting for the ILG Acquisition during 2019 and established a reserve for non-income tax issues related to Legacy-ILG. As of December 31, 2021, the balance of the reserve for non-income tax issues related to our acquisitions was $66 million. We expect that we will be indemnified for liabilities of $5 million in connection with these non-income tax matters pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood Hotels & Resorts Worldwide, Inc., Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., and consequently have recorded a corresponding indemnification asset. Deferred Income Taxes The following table presents the significant components of our deferred tax assets and liabilities: ($ in millions) At Year-End 2021 At Year-End 2020 Deferred Tax Assets Inventory $ 69 $ 83 Reserves 75 98 Deferred revenue 20 12 Property and equipment 61 72 Net operating loss and capital loss carryforwards 146 98 Tax credits 29 31 Right-of-use asset 24 2 Other, net 74 113 Deferred tax assets 498 509 Less valuation allowance (122) (106) Net deferred tax assets 376 403 Deferred Tax Liabilities Long lived intangible assets (231) (233) Deferred sales of vacation ownership interests (414) (362) Right-of-use liability (24) (2) Other, net (9) (43) Deferred tax liabilities (678) (640) Total net deferred tax liabilities $ (302) $ (237) Valuation allowances are provided when it is considered more likely than not that deferred tax assets will not be realized. In 2021 we established an additional valuation allowance of $8 million. We have $111 million of foreign net operating loss carryforwards, some of which begin expiring in 2022; however, a significant portion of these have indefinite carryforward periods. We have $15 million of federal net operating losses and $18 million of state net operating loss carryforwards, of which less than $1 million will expire within the next five years. We have U.S. federal foreign tax credit carryforwards of $20 million, federal capital loss carryforwards of $2 million, and $9 million of state tax credit carryforwards. As a result of the Tax Cuts and Jobs Act of 2017, distribution of profits from non-U.S. subsidiaries is not expected to cause a significant incremental U.S. tax impact in the future. However, distributions may be subject to non-U.S. withholding taxes if profits are distributed from certain jurisdictions. Our present intention is to indefinitely reinvest residual historic undistributed accumulated earnings associated with certain foreign subsidiaries. We have not provided for deferred taxes on outside basis differences in our investments in these foreign subsidiaries, and such estimates are not practicable to be determined. Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows: ($ in millions) 2021 2020 2019 Unrecognized tax benefit at beginning of year $ 14 $ 21 $ 2 Increases related to tax positions taken during a prior period 12 6 18 Increases related to tax positions taken during the current period 1 2 1 Decreases related to settlements with taxing authorities — (14) — Decreases as a result of a lapse of the applicable statute of limitations (1) (1) — Unrecognized tax benefit at end of year $ 26 $ 14 $ 21 The total unrecognized tax benefits related to uncertain income tax positions, which would affect the effective tax rate if recognized, were $26 million at December 31, 2021 and $14 million at December 31, 2020. The total amount of gross interest and penalties accrued were $42 million at December 31, 2021 and $25 million at December 31, 2020. We anticipate $14 million of unrecognized tax benefits, including interest and penalties, to be indemnified pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood Hotels & Resorts Worldwide, Inc., Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., and consequently have recorded a corresponding indemnification asset. The unrecognized tax benefit, including accrued interest and penalties are included in Other liabilities on our Balance Sheet. Our income tax returns are subject to examination by relevant tax authorities. Certain of our returns are being audited in various jurisdictions for tax years 2007 through 2019. The amount of the unrecognized tax benefit may increase or decrease within the next twelve months as a result of audits or audit settlements. U.S. Tax Law Update We have considered the income tax accounting and disclosure implications of the relief provided by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted in March 2020, and the Consolidated Appropriations Act, 2021 enacted in December 2020. As of December 31, 2021, we evaluated the income tax provisions of the above mentioned acts and have determined there to be minimal effect on our December 31, 2021 tax rate or the computation of our estimated effective tax rate for the year ended December 31, 2021. We will continue to evaluate the income tax provisions of the above mentioned acts and monitor the developments in the jurisdictions where we have significant operations for tax law changes that could have additional income tax accounting and disclosure implications.

VACATION OWNERSHIP NOTES RECEIV

VACATION OWNERSHIP NOTES RECEIVABLE	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
VACATION OWNERSHIP NOTES RECEIVABLE	VACATION OWNERSHIP NOTES RECEIVABLE The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. December 31, 2021 December 31, 2020 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,308 $ 354 $ 1,662 $ 1,220 $ 273 $ 1,493 Non-securitized Eligible for securitization (1) 96 1 97 126 2 128 Not eligible for securitization (1) 267 19 286 185 34 219 Subtotal 363 20 383 311 36 347 $ 1,671 $ 374 $ 2,045 $ 1,531 $ 309 $ 1,840 _________________________ (1) Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization. We reflect interest income associated with vacation ownership notes receivable in our Income Statements in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable. ($ in millions) 2021 2020 2019 Interest income associated with vacation ownership notes receivable — securitized $ 219 $ 239 $ 232 Interest income associated with vacation ownership notes receivable — non-securitized 40 18 32 Total interest income associated with vacation ownership notes receivable $ 259 $ 257 $ 264 COVID-19 Impact on Vacation Ownership Notes Receivable Reserves In 2020, as a result of higher actual and projected default activity related predominantly to the COVID-19 pandemic, we evaluated our vacation ownership notes receivable reserve initially using the 2008/2009 financial crisis as a reference point. As a result, we increased our vacation ownership notes receivable reserves by $52 million in the first quarter of 2020. We monitored actual delinquency and default activity throughout the remainder of 2020. Taking into account higher than previously expected default activity experienced, we increased our vacation ownership notes receivable reserve by an additional $17 million in the fourth quarter of 2020. In total, the reserve adjustments made during 2020 were reflected as a $59 million reduction to Sale of vacation ownership products, a $10 million increase in Financing expenses, and a $19 million reduction in Cost of vacation ownership products on our Income Statement for the year ended December 31, 2020. There were no additional adjustments to our vacation ownership notes receivables reserves due to the COVID-19 pandemic during 2021. Acquired Vacation Ownership Notes Receivable Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of reserves, and interest rates for our acquired vacation ownership notes receivable at December 31, 2021. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022 $ 2 $ 50 $ 52 2023 2 51 53 2024 2 50 52 2025 2 47 49 2026 2 42 44 Thereafter 10 114 124 Balance at December 31, 2021 $ 20 $ 354 $ 374 Weighted average stated interest rate 13.7% 14.1% 14.1% Range of stated interest rates 0.0% to 21.9% 0.0% to 21.9% 0.0% to 21.9% The following table summarizes the activity related to our acquired vacation ownership notes receivable reserve. Acquired Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2019, as reported $ — $ — $ — Impact of adoption of ASU 2016-13 29 26 55 Opening Balance at January 1, 2020 29 26 55 Securitizations (1) 1 — Clean-up call 1 (1) — Write-offs (18) — (18) Recoveries 9 — 9 Defaulted vacation ownership notes receivable repurchase activity (1) 17 (17) — Increase in vacation ownership notes receivable reserve (2) 2 12 14 Balance at December 31, 2020 39 21 60 Securitizations (9) 9 — Clean-up call 3 (3) — Write-offs (49) — (49) Recoveries 27 — 27 Defaulted vacation ownership notes receivable repurchase activity (1) 32 (32) — Initial allowance for credit losses for Legacy-Welk vacation ownership notes receivable 11 21 32 (Decrease) increase in vacation ownership notes receivable reserve (7) 7 — Balance at December 31, 2021 $ 47 $ 23 $ 70 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable. (2) Increase in vacation ownership notes receivable reserve includes $10 million ($8 million non-securitized and $2 million securitized) attributable to the increased reserve as a result of the COVID-19 pandemic. Originated Vacation Ownership Notes Receivable Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG and Legacy-Welk subsequent to each respective acquisition date and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at December 31, 2021. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022 $ 48 $ 127 $ 175 2023 28 130 158 2024 28 132 160 2025 28 134 162 2026 29 139 168 Thereafter 202 646 848 Balance at December 31, 2021 $ 363 $ 1,308 $ 1,671 Weighted average stated interest rate 12.9% 12.9% 12.9% Range of stated interest rates 0.0% to 20.9% 0.0% to 19.9% 0.0% to 20.9% For originated vacation ownership notes receivable, we record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. The following table summarizes the activity related to our originated vacation ownership notes receivable reserve. Originated Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2018 61 79 140 Increase in vacation ownership notes receivable reserve 94 18 112 Securitizations (81) 81 — Clean-up call 24 (24) — Write-offs (48) — (48) Defaulted vacation ownership notes receivable repurchase activity (1) 40 (40) — Balance at December 31, 2019 90 114 204 Increase in vacation ownership notes receivable reserve (2) 87 50 137 Securitizations (70) 70 — Clean-up call 37 (37) — Write-offs (31) — (31) Defaulted vacation ownership notes receivable repurchase activity (1) 80 (80) — Balance at December 31, 2020 193 117 310 Increase in vacation ownership notes receivable reserve 78 24 102 Securitizations (76) 76 — Clean-up call 12 (12) — Write-offs (79) — (79) Defaulted vacation ownership notes receivable repurchase activity (1) 65 (65) — Balance at December 31, 2021 $ 193 $ 140 $ 333 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable. (2) Increase in vacation ownership notes receivable reserve includes $59 million ($32 million non-securitized and $27 million securitized) attributable to the increased reserve as a result of the COVID-19 pandemic. Credit Quality of Vacation Ownership Notes Receivable Legacy-MVW Vacation Ownership Notes Receivable For both Legacy-MVW non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rate of 6.74% as of both December 31, 2021 and December 31, 2020. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in the related vacation ownership notes receivable reserve of $6 million as of both December 31, 2021 and December 31, 2020. We use the aging of the vacation ownership notes receivable as the primary credit quality indicator for our Legacy-MVW vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the age of the receivable associated with the vacation ownership interest. The following table shows our recorded investment in non-accrual Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 88 $ 8 $ 96 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 100 $ 14 $ 114 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of December 31, 2021 and December 31, 2020. Legacy-MVW Vacation Ownership Notes Receivable As of December 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 6 $ 20 $ 26 $ 8 $ 25 $ 33 91 – 150 days past due 4 8 12 5 14 19 Greater than 150 days past due 84 — 84 95 — 95 Total past due 94 28 122 108 39 147 Current 180 1,027 1,207 231 1,011 1,242 Total vacation ownership notes receivable $ 274 $ 1,055 $ 1,329 $ 339 $ 1,050 $ 1,389 The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of December 31, 2021 . Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Year of Origination 2021 $ 129 $ 274 $ 403 2020 20 165 185 2019 46 250 296 2018 29 161 190 2017 15 96 111 2016 & Prior 35 109 144 $ 274 $ 1,055 $ 1,329 Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable At December 31, 2021 and December 31, 2020, the weighted average FICO score within our consolidated Legacy-ILG and Legacy-Welk vacation ownership notes receivable was 707 and 708, respectively, based upon the FICO score of the borrower at the time of origination. The average estimated rate for all future defaults for our Legacy-ILG and Legacy-Welk consolidated outstanding pool of vacation ownership notes receivable was 17.33% as of December 31, 2021 and 14.63% as of December 31, 2020. A 0.5 percentage point increase in the estimated default rate on the Legacy-ILG and Legacy-Welk vacation ownership notes receivable would have resulted in an increase in the related vacation ownership notes receivable reserve of $4 million as of December 31, 2021, and $3 million as of December 31, 2020. We use the origination of the vacation ownership notes receivable by brand (Westin, Sheraton, Hyatt, Welk) and the FICO scores of the customer as the primary credit quality indicators for our Legacy-ILG and Legacy-Welk vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the brand associated with the vacation ownership interest they have acquired, supplemented by the FICO scores of the customers. Vacation ownership notes receivable with no FICO score in the tables below primarily relate to non-U.S. resident borrowers. The following table shows our recorded investment in non-accrual Legacy-ILG and Legacy-Welk vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 114 $ 10 $ 124 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 109 $ 12 $ 121 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG and Legacy-Welk vacation ownership notes receivable as of December 31, 2021 and December 31, 2020. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable As of December 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 16 $ 24 $ 40 $ 8 $ 19 $ 27 91 – 120 days past due 4 6 10 2 7 9 Greater than 120 days past due 110 4 114 107 5 112 Total past due 130 34 164 117 31 148 Current 219 735 954 123 550 673 Total vacation ownership notes receivable $ 349 $ 769 $ 1,118 $ 240 $ 581 $ 821 The following tables show the Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable, before reserves, by brand and FICO score. Acquired Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 52 $ 32 $ 3 $ 8 $ 95 Sheraton 54 48 8 23 133 Hyatt 8 6 1 — 15 Welk 115 79 1 2 197 Other 2 — — 2 4 $ 231 $ 165 $ 13 $ 35 $ 444 Acquired Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 81 $ 48 $ 4 $ 11 $ 144 Sheraton 81 73 13 31 198 Hyatt 12 9 1 — 22 Other 2 1 — 2 5 $ 176 $ 131 $ 18 $ 44 $ 369 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable by brand and FICO score as of December 31, 2021 . Acquired Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ — $ — $ — $ 14 $ 38 $ 52 600 - 699 — — — 8 24 32 < 600 — — — 2 1 3 No Score — — — 2 6 8 $ — $ — $ — $ 26 $ 69 $ 95 Acquired Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ — $ — $ — $ 16 $ 38 $ 54 600 - 699 — — — 12 36 48 < 600 — — — 5 3 8 No Score — — — 7 16 23 $ — $ — $ — $ 40 $ 93 $ 133 Acquired Vacation Ownership Notes Receivable - Hyatt and Other ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ — $ — $ — $ 2 $ 8 $ 10 600 - 699 — — — 2 4 6 < 600 — — — — 1 1 No Score — — — — 2 2 $ — $ — $ — $ 4 $ 15 $ 19 Acquired Vacation Ownership Notes Receivable - Welk ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 9 $ 24 $ 30 $ 20 $ 32 $ 115 600 - 699 5 15 21 13 25 79 < 600 — 1 — — — 1 No Score — — 1 — 1 2 $ 14 $ 40 $ 52 $ 33 $ 58 $ 197 The following tables show the Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable, before reserves, by brand and FICO score. Originated Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 143 $ 66 $ 8 $ 34 $ 251 Sheraton 136 94 20 46 296 Hyatt 22 11 — — 33 Welk 65 27 1 1 94 $ 366 $ 198 $ 29 $ 81 $ 674 Originated Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 109 $ 52 $ 6 $ 23 $ 190 Sheraton 106 72 16 43 237 Hyatt 16 8 — — 24 $ 231 $ 132 $ 22 $ 66 $ 451 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable by brand and FICO score as of December 31, 2021. Originated Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 72 $ 22 $ 41 $ 8 $ — $ 143 600 - 699 30 10 22 4 — 66 < 600 3 2 3 — — 8 No Score 20 5 8 1 — 34 $ 125 $ 39 $ 74 $ 13 $ — $ 251 Originated Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 65 $ 23 $ 38 $ 10 $ — $ 136 600 - 699 43 16 27 8 — 94 < 600 9 4 6 1 — 20 No Score 12 9 21 4 — 46 $ 129 $ 52 $ 92 $ 23 $ — $ 296 Originated Vacation Ownership Notes Receivable - Hyatt ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 12 $ 3 $ 6 $ 1 $ — $ 22 600 - 699 5 2 3 1 — 11 < 600 — — — — — — No Score — — — — — — $ 17 $ 5 $ 9 $ 2 $ — $ 33

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts receivable, deposits included in Other assets, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. At December 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable $ 2,045 $ 2,102 $ 1,840 $ 1,886 Other assets 76 76 60 60 Total financial assets $ 2,121 $ 2,178 $ 1,900 $ 1,946 Securitized debt, net $ (1,856) $ (1,900) $ (1,588) $ (1,653) 2025 Notes, net (248) (261) (494) (533) 2026 Notes, net — — (744) (784) 2028 Notes, net (346) (362) (346) (359) 2029 Notes, net (493) (505) — — Term Loan, net (776) (784) (873) (864) 2022 Convertible notes, net (224) (280) (215) (262) 2026 Convertible notes, net (461) (682) — — Total financial liabilities $ (4,404) $ (4,774) $ (4,260) $ (4,455) Vacation Ownership Notes Receivable At December 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable Securitized $ 1,662 $ 1,712 $ 1,493 $ 1,530 Eligible for securitization 97 104 128 137 Not eligible for securitization 286 286 219 219 Non-securitized 383 390 347 356 $ 2,045 $ 2,102 $ 1,840 $ 1,886 We estimate the fair value of our vacation ownership notes receivable that have been securitized using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model uses default rates, prepayment rates, coupon rates, and loan terms for our securitized vacation ownership notes receivable portfolio as key drivers of risk and relative value to determine the fair value of the underlying vacation ownership notes receivable. We concluded that this fair value measurement should be categorized within Level 3. Due to factors that impact the general marketability of our vacation ownership notes receivable that have not been securitized, as well as current market conditions, we bifurcate our non-securitized vacation ownership notes receivable at each balance sheet date into those eligible and not eligible for securitization using criteria applicable to current securitization transactions in the asset-backed securities (“ABS”) market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Asia or Europe. In some cases, eligibility may also be determined based on the credit score of the borrower, the remaining term of the loans and other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable. The table above shows the bifurcation of our vacation ownership notes receivable that have not been securitized into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria. We estimate the fair value of the portion of our vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as vacation ownership notes receivable that have been securitized. We value the remaining vacation ownership notes receivable that have not been securitized at their carrying value, rather than using our pricing model. We believe that the carrying value of these particular vacation ownership notes receivable approximates fair value because the stated, or otherwise imputed, interest rates of these loans are consistent with current market rates and the reserve for these vacation ownership notes receivable appropriately accounts for risks in default rates, prepayment rates, discount rates, and loan terms. We concluded that this fair value measurement should be categorized within Level 3. Other Assets Other assets include $76 million of company owned insurance policies (the “COLI policies”), acquired on the lives of certain participants in the Marriott Vacations Worldwide Deferred Compensation Plan, that are held in a rabbi trust. The carrying value of the COLI policies is equal to their cash surrender value (Level 2 inputs). Securitized Debt We generate cash flow estimates by modeling all bond tranches for our active vacation ownership notes receivable securitization transactions, with consideration for the collateral specific to each tranche. The key drivers in our analysis include default rates, prepayment rates, bond interest rates, and other structural factors, which we use to estimate the projected cash flows. In order to estimate market credit spreads by rating, we obtain indicative credit spreads from investment banks that actively issue and facilitate the market for vacation ownership securities and determine an average credit spread by rating level of the different tranches. We then apply those estimated market spreads to swap rates in order to estimate an underlying discount rate for calculating the fair value of the active bonds payable. We concluded that this fair value measurement should be categorized within Level 3. Senior Notes We estimate the fair value of our 2025 Notes, 2026 Notes, 2028 Notes, and 2029 Notes (each as defined in Footnote 16 “Debt”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume, and as such this fair value estimate is not necessarily indicative of the value at which these notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. Term Loan We estimate the fair value of our Term Loan (as defined in Footnote 16 “Debt”) using quotes from securities dealers as of the last trading day for the quarter; however this loan has only a limited trading history and volume, and as such this fair value estimate is not necessarily indicative of the value at which the Term Loan could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3. Convertible Notes We estimate the fair value of our 2022 Convertible Notes and 2026 Convertible Notes (referred to collectively as our “convertible notes”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume, and as such this fair value estimate is not necessarily indicative of the value at which the convertible notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. The difference between the carrying value and the fair value is primarily attributed to the underlying conversion feature and the spread between the conversion price and the market value of the shares underlying the convertible notes.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings or loss per common share attributable to common shareholders is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of common stock outstanding during the reporting period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings or loss per common share attributable to common shareholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period, except in periods when there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings or loss per common share applicable to common shareholders by application of the treasury stock method using average market prices during the period. Our calculation of diluted earnings or loss per share attributable to common shareholders reflects our intent to settle conversions of our convertible notes through a combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount (the “conversion premium”). Therefore, we include only the shares that may be issued with respect to any conversion premium in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method based upon an average price per share for the period. As of December 31, 2021, a conversion premium existed for our 2022 Convertible Notes, which had a dilutive impact on our diluted earnings per share as of December 31, 2021. No conversion premium for our 2022 Convertible Notes existed as of December 31, 2020 or December 31, 2019, and there was no dilutive impact on our diluted earnings per share as of December 31, 2020 or 2019. No conversion premium existed for our 2026 Convertible Notes as of December 31, 2021, and there was no dilutive impact on our diluted earnings per share as of December 31, 2021. The shares issuable on exercise of the warrants sold in connection with the issuance of the our convertible notes will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the respective strike price. If and when the price of our common stock exceeds the respective strike price of either of the warrants, we will include the dilutive effect of the additional shares that may be issued upon exercise of the warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. The convertible note hedges purchased in connection with each issuance of the convertible notes are considered to be anti-dilutive and do not impact our calculation of diluted earnings per share attributable to common shareholders for any periods presented herein. See Footnote 16 “Debt” for further information on our convertible notes. The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic and diluted earnings or loss per share attributable to common shareholders. (in millions, except per share amounts) 2021 (1) 2020 2019 (1) Computation of Basic Earnings or Loss Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 49 $ (275) $ 138 Shares for basic earnings (loss) per share 42.5 41.3 43.9 Basic earnings (loss) per share $ 1.15 $ (6.65) $ 3.13 Computation of Diluted Earnings or Loss Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 49 $ (275) $ 138 Shares for basic earnings (loss) per share 42.5 41.3 43.9 Effect of dilutive shares outstanding (2) Employee SARs 0.2 — 0.3 Restricted stock units 0.5 — 0.3 2022 Convertible Notes 0.1 — — Shares for diluted earnings (loss) per share 43.3 41.3 44.5 Diluted earnings (loss) per share $ 1.13 $ (6.65) $ 3.09 _________________________ (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 166,000 and 345,000 shares of common stock, the maximum number of shares issuable as of December 31, 2021 and December 31, 2019, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period. (2) For 2020, the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the periods presented, as the effects of including these securities would have been anti-dilutive. (in millions) 2020 Employee SARs 0.1 Restricted stock units 0.3 0.4

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY The following table shows the composition of our inventory balances: ($ in millions) At Year-End 2021 At Year-End 2020 Real estate inventory (1) 710 749 Other 9 10 $ 719 $ 759 _________________________ (1) Represents completed inventory that is available and registered for sale as vacation ownership interests and vacation ownership inventory expected to be acquired pursuant to estimated future foreclosures. We value vacation ownership interests at the lower of cost or fair market value less costs to sell, in accordance with applicable accounting guidance, and we record operating supplies at the lower of cost (using the first-in, first-out method) or net realizable value.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT The following table details the composition of our property and equipment balances: ($ in millions) At Year-End 2021 At Year-End 2020 Land and land improvements $ 441 $ 285 Buildings and leasehold improvements 697 482 Furniture, fixtures and other equipment 136 95 Information technology 413 322 Construction in progress 37 68 1,724 1,252 Accumulated depreciation (588) (461) $ 1,136 $ 791

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL The following table details the carrying amount of our goodwill at December 31, 2021 and December 31, 2020, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition. ($ in millions) Vacation Ownership Segment Exchange & Third-Party Management Segment Total Consolidated Balance at December 31, 2019 $ 2,445 $ 447 $ 2,892 Impairment — (73) (73) Foreign exchange adjustments — (2) (2) Balance at December 31, 2020 2,445 372 2,817 Welk Acquisition 299 — 299 Measurement period adjustments 34 — 34 Balance at December, 2021 $ 2,778 $ 372 $ 3,150 2021 During the 2021 fourth quarter, we conducted our annual goodwill impairment test, which was a qualitative evaluation, and no impairment charges were recorded. The estimated fair values of all of our reporting units significantly exceeded their carrying values at the date of their most recent estimated fair value determination. 2020 During 2020, we concluded that it was more likely than not that the fair value of both of our reporting units was below their respective carrying amounts. The factors that led to this conclusion at that time were related to the COVID-19 pandemic and included: (i) the substantial decline in our stock price and market capitalization; (ii) the temporary closure of substantially all of our Vacation Ownership reporting unit sales centers; (iii) the government stay-at-home orders in place in many of the jurisdictions in which we operate; (iv) our planned furloughs and reduced work schedule arrangements; (v) the impact of travel restrictions on the hospitality industry; and (vi) the macroeconomic fallout from the COVID-19 pandemic. We utilized a combination of the income and market approaches to estimate the fair value of our reporting units (Level 3). We concluded that there was no impairment of the Vacation Ownership reporting unit as declines in expected future operating results were not substantial enough to cause the fair value of the reporting unit to be below its carrying amount. We recognized a non-cash impairment charge of $73 million in the Impairment line on our Income Statement during 2020 related to the Exchange & Third-Party Management reporting unit, which was primarily driven by the change in expected future operating results as a result of the impact of the COVID-19 pandemic.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The following table details the composition of our intangible asset balances: ($ in millions) 2021 2020 Definite-lived intangible assets Member relationships $ 671 $ 671 Management contracts 452 351 1,123 1,022 Accumulated amortization (194) (134) 929 888 Indefinite-lived intangible assets Trade names 64 64 $ 993 $ 952 Definite-Lived Intangible Assets Definite-lived intangible assets, all of which were acquired as part of the ILG and Welk Acquisitions, are amortized on a straight-line basis over their estimated useful lives, ranging from 15 to 25 years. We recorded amortization expense of $61 million in 2021, $57 million in 2020, and $59 million in 2019 in the Depreciation and amortization line of our Income Statements. For these assets, we estimate that our aggregate amortization expense will be $62 million for each of the next five fiscal years. Indefinite-Lived Intangible Assets The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment. ($ in millions) Trade Names Balance at December 31, 2019 $ 82 Impairment (18) Balance at December 31, 2020 64 Impairment — Balance at December 31, 2021 $ 64 2020 We recognized a non-cash impairment charge of $18 million in the Impairment line on our Income Statement during the first quarter of 2020 related to the indefinite-lived intangible assets in our Exchange & Third-Party Management segment, which was primarily attributed to the decline in estimated near-term revenues and related recovery of long-term revenues as a result of the impact of the COVID-19 pandemic.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of December 31, 2021, we had the following commitments outstanding: • We have various contracts for the use of information technology hardware and software that we use in the normal course of business. Our aggregate commitment under these contracts was $99 million, of which we expect $52 million, $28 million, $11 million, $6 million, and $2 million will be paid in 2022, 2023, 2024, 2025, and 2026 and thereafter, respectively. • We have a commitment to acquire real estate for use in our Vacation Ownership segment via our involvement with a VIE. Refer to Footnote 19 “Variable Interest Entities” for additional information and our activities relating to the VIE involved in this transaction. • We have a remaining commitment to purchase 88 vacation ownership units located in Bali, Indonesia for use in our Vacation Ownership segment, contingent upon completion of construction to agreed-upon standards. We expect to complete the acquisition in 2022 and to make the remaining payments with respect to these units, when specific construction milestones associated with the co-located hotel are completed, as follows: $11 million in 2022, $7 million in 2023, and $4 million in 2024. • We have commitments to acquire inventory from our managed owners’ associations in 2022 for $66 million. Surety bonds issued as of December 31, 2021 totaled $118 million, the majority of which were requested by federal, state or local governments in connection with our operations. As of December 31, 2021, we had $2 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 16 “Debt”). In addition, as of December 31, 2021, we had $2 million in letters of credit outstanding related to and in lieu of reserves required for several vacation ownership notes receivable securitization transactions outstanding. These letters of credit are not issued pursuant to, nor do they impact our borrowing capacity under, the Revolving Corporate Credit Facility. Guarantees Certain of our rental management agreements in our Exchange & Third-Party Management segment provide for owners of properties we manage to receive specified percentages or guaranteed amounts of the rental revenue generated under our management. In these cases, the operating expenses for the rental operations are paid from the revenue generated by the rentals, the owners are then paid their contractual percentages or guaranteed amounts, and our vacation rental business either retains the balance (if any) as its fee or makes up the deficit. At December 31, 2021, our maximum exposure under fixed dollar guarantees was $10 million, of which $3 million, $2 million, $2 million, $1 million, $1 million, and $1 million relate to 2022, 2023, 2024, 2025, 2026, and thereafter, respectively. We have a commitment to an owners’ association that we manage to pay for any shortfall between the actual expenses incurred by the owners’ association and the income received by the owners’ association. The agreement will terminate on the earlier of: 1) sale of 80% of the total ownership interests in the owners’ association; or 2) upon our written notification of termination. At December 31, 2021, our expected commitment for 2022 is $17 million, which will ultimately be recorded as a component of rental expense on our income statement. Loss Contingencies In March 2017, RCHFU, L.L.C. and other owners at The Ritz-Carlton Club, Aspen Highlands (“RCC Aspen Highlands”) filed a complaint in an action pending in the U.S. District Court for the District of Colorado against us and certain third parties, alleging that their fractional interests were devalued by the affiliation of the RCC Aspen Highlands and other Ritz-Carlton Clubs with our points-based Marriott Vacation Club Destinations (“MVCD”) program. The plaintiffs sought compensatory damages, disgorgement, punitive damages, fees and costs. In September 2021, the District Court granted our motion for summary judgment and dismissed the case. The plaintiffs appealed the ruling and in February 2022 dismissed their appeal with prejudice pursuant to a settlement for a non-material amount. In May 2016, a purported class-action lawsuit was filed in the U.S. District Court for the Middle District of Florida by Anthony and Beth Lennen against us and certain third parties. The complaint challenged the characterization of the beneficial interests in the MVCD trust that are sold to customers as real estate interests under Florida law, the structure of the trust, and associated operational aspects of the trust. The plaintiffs sought declaratory relief, an unwinding of the MVCD product, and punitive damages. In August 2019, the District Court granted our motion for judgment on the pleadings and dismissed the case. The plaintiffs appealed the ruling, and in December 2021, the U.S. Court of Appeals for the Eleventh Circuit affirmed the District Court’s judgment in favor of the Company. In February 2022, the plaintiffs agreed to forego further appeal pursuant to a settlement for a non-material amount. In February 2019, the owners’ association for the St. Regis Residence Club, New York filed a lawsuit in the Supreme Court for the State of New York, New York County, Commercial Division against ILG and several of its subsidiaries and certain third parties. The operative complaint alleges that the defendants breached their fiduciary duties related to sale and rental practices, aided and abetted certain breaches of fiduciary duty, engaged in self-dealing as the sponsor and manager of the club, tortiously interfered with the management agreement, was unjustly enriched, and engaged in anticompetitive conduct. The plaintiff is seeking unspecified damages, punitive damages and disgorgement of payments under the management and purchase agreements. In February 2022, the Court granted defendants’ motion to dismiss and granted the plaintiff leave to file an amended complaint within 30 days. In April 2019, a purported class-action lawsuit was filed by Alan and Marjorie Helman and others against us in the Superior Court of the Virgin Islands, Division of St. Thomas alleging that their fractional interests were devalued by the affiliation of The Ritz-Carlton Club, St. Thomas and other Ritz-Carlton Clubs with our MVCD program. The lawsuit was subsequently removed to the U.S. District Court for the District of the Virgin Islands. The plaintiffs are seeking unspecified damages, disgorgement of profits, fees and costs. In May 2019, the G.A. Resort Condominium Association Inc., the owners’ association for the fractional owners at the Hyatt Residence Club Grand Aspen resort (“HRC Grand Aspen”) filed a lawsuit against us in the District Court for the County of Pitkin, Colorado relating to the transfer of ownership of developer-owned fractional interests at HRC Grand Aspen to the HPC Trust Club for sale and use as a part of the Hyatt Residence Club Portfolio Program. The lawsuit was subsequently removed to the U.S. District Court for the District of Colorado. The plaintiff sought termination of the management agreement with the owners’ association, the annulment of certain amendments to governing documents at HRC Grand Aspen, the removal of fractional interests at HRC Grand Aspen from the HPC Trust Club, unspecified damages, disgorgement of profits, fees and costs. In November 2020, the District Court granted our motion to dismiss and dismissed the case. The plaintiff appealed the ruling and in November 2021 agreed to dismiss its appeal with prejudice pursuant to a settlement for a non-material amount. We believe we have meritorious defenses to the claims in each of the above pending matters and intend to vigorously defend each matter. In the ordinary course of our business, various claims and lawsuits have been filed or are pending against us. A number of these lawsuits and claims may exist at any given time. Additionally, the COVID-19 pandemic may give rise to various claims and lawsuits from owners, members and other parties. We record and accrue for legal contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances. We have not accrued for any of the pending matters described above and we cannot estimate a range of the potential liability associated with these pending matters, if any, at this time. We have accrued for other claims and lawsuits, but the

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
LEASES	LEASES The following table presents the carrying values of our leases and the classification on our Balance Sheet. ($ in millions) Balance Sheet Classification At December 31, 2021 At December 31, 2020 Operating lease assets Other assets $ 96 $ 131 Finance lease assets Property and equipment 89 8 $ 185 $ 139 Operating lease liabilities Accrued liabilities $ 108 $ 138 Finance lease liabilities Debt 83 8 $ 191 $ 146 The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2021 and December 31, 2020. ($ in millions) Income Statement Classification 2021 2020 Operating lease cost Marketing and sales expense $ 35 $ 36 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 5 5 Interest on lease liabilities Financing expense 1 1 Variable lease cost Marketing and sales expense 2 2 $ 43 $ 44 The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2021. ($ in millions) Operating Leases Finance Leases Total 2022 $ 25 $ 7 $ 32 2023 23 5 28 2024 20 4 24 2025 18 4 22 2026 16 4 20 Thereafter 25 259 284 Total lease payments 127 283 410 Less: Imputed interest (19) (200) (219) $ 108 $ 83 $ 191 Lease Term and Discount Rate The following table presents additional information about our lease obligations. At December 31, 2021 At December 31, 2020 Weighted-average remaining lease term Operating leases 6.4 years 19.1 years Finance leases 53.7 years 3.0 years Weighted-average discount rate Operating leases 5.8% 5.8% Finance leases 5.3% 3.9% Other Information The following table presents supplemental cash flow information for 2021 and 2020. ($ in millions) 2021 2020 Cash paid for amounts included in measurement of lease liabilities Operating cash flows for finance leases $ 1 $ 1 Operating cash flows for operating leases $ 34 $ 41 Financing cash flows for finance leases $ 5 $ 11 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 7 $ 27 Finance leases (1) $ 86 $ 7 _________________________ (1) Includes the reclassification of certain lease components from operating lease to finance lease classification, attributable to the amendment of an existing lease. Leases That Have Not Yet Commenced During the first quarter of 2020, we entered into a finance lease arrangement for our new global headquarters being constructed in Orlando, Florida. The initial lease term is approximately 16 years with total lease payments of $137 million for the aforementioned period. During 2020, in response to the COVID-19 pandemic and our ongoing evaluation of future space needs, we entered into a standstill arrangement with the developer/lessor, which expired in June 2021. During the second quarter of 2021, we amended our lease agreement with the developer/lessor and expect the new office building to be completed in 2023. Upon commencement of the lease term, a right-of-use asset and corresponding liability will be recorded on our balance sheet.
LEASES	LEASES The following table presents the carrying values of our leases and the classification on our Balance Sheet. ($ in millions) Balance Sheet Classification At December 31, 2021 At December 31, 2020 Operating lease assets Other assets $ 96 $ 131 Finance lease assets Property and equipment 89 8 $ 185 $ 139 Operating lease liabilities Accrued liabilities $ 108 $ 138 Finance lease liabilities Debt 83 8 $ 191 $ 146 The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2021 and December 31, 2020. ($ in millions) Income Statement Classification 2021 2020 Operating lease cost Marketing and sales expense $ 35 $ 36 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 5 5 Interest on lease liabilities Financing expense 1 1 Variable lease cost Marketing and sales expense 2 2 $ 43 $ 44 The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2021. ($ in millions) Operating Leases Finance Leases Total 2022 $ 25 $ 7 $ 32 2023 23 5 28 2024 20 4 24 2025 18 4 22 2026 16 4 20 Thereafter 25 259 284 Total lease payments 127 283 410 Less: Imputed interest (19) (200) (219) $ 108 $ 83 $ 191 Lease Term and Discount Rate The following table presents additional information about our lease obligations. At December 31, 2021 At December 31, 2020 Weighted-average remaining lease term Operating leases 6.4 years 19.1 years Finance leases 53.7 years 3.0 years Weighted-average discount rate Operating leases 5.8% 5.8% Finance leases 5.3% 3.9% Other Information The following table presents supplemental cash flow information for 2021 and 2020. ($ in millions) 2021 2020 Cash paid for amounts included in measurement of lease liabilities Operating cash flows for finance leases $ 1 $ 1 Operating cash flows for operating leases $ 34 $ 41 Financing cash flows for finance leases $ 5 $ 11 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 7 $ 27 Finance leases (1) $ 86 $ 7 _________________________ (1) Includes the reclassification of certain lease components from operating lease to finance lease classification, attributable to the amendment of an existing lease. Leases That Have Not Yet Commenced During the first quarter of 2020, we entered into a finance lease arrangement for our new global headquarters being constructed in Orlando, Florida. The initial lease term is approximately 16 years with total lease payments of $137 million for the aforementioned period. During 2020, in response to the COVID-19 pandemic and our ongoing evaluation of future space needs, we entered into a standstill arrangement with the developer/lessor, which expired in June 2021. During the second quarter of 2021, we amended our lease agreement with the developer/lessor and expect the new office building to be completed in 2023. Upon commencement of the lease term, a right-of-use asset and corresponding liability will be recorded on our balance sheet.

SECURITIZED DEBT

SECURITIZED DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
SECURITIZED DEBT	SECURITIZED DEBT The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs. ($ in millions) At December 31, 2021 At December 31, 2020 Vacation ownership notes receivable securitizations, gross (1) $ 1,877 $ 1,604 Unamortized debt discount and issuance costs (21) (16) $ 1,856 $ 1,588 _________________________ (1) Interest rates as of December 31, 2021 range from 1.5% to 4.4%, with a weighted average interest rate of 2.3% All of our securitized debt is non-recourse to us. See Footnote 19 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt. The following table shows scheduled future principal payments for our securitized debt as of December 31, 2021. Vacation Ownership Notes Receivable Securitizations ($ in millions) Payments Year 2022 $ 191 2023 196 2024 200 2025 199 2026 199 Thereafter 892 $ 1,877 Vacation Ownership Notes Receivable Securitizations Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During 2021, and as of December 31, 2021, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of December 31, 2021, we had 14 securitized vacation ownership notes receivable pools outstanding. As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors. During the second quarter of 2021, we completed the securitization of a pool of $434 million of vacation ownership notes receivable. In connection with the securitization, investors purchased in a private placement $425 million in vacation ownership loan backed notes from MVW 2021-1W LLC (the “2021-1W LLC”). Four classes of vacation ownership loan backed notes were issued by the 2021-1W LLC: $207 million of Class A Notes, $107 million of Class B Notes, $80 million of Class C Notes, and $31 million of Class D Notes. The Class A Notes have an interest rate of 1.14%, the Class B Notes have an interest rate of 1.44%, the Class C Notes have an interest rate of 1.94%, and the Class D Notes have an interest rate of 3.17%, for an overall weighted average interest rate of 1.52%. Of the $425 million in proceeds from the transaction, $8 million was used to pay transaction expenses and fund required reserves, and the remainder will be used for general corporate purposes. In connection with the 2021-1W securitization, we redeemed certain remaining vacation ownership notes receivable securitizations from 2014 and 2015, as well as certain vacation ownership notes receivable securitizations acquired as part of the Welk Acquisition. During the fourth quarter of 2021, we completed the securitization of a pool of $434 million of vacation ownership notes receivable. Approximately $376 million of the vacation ownership notes receivable were purchased by the MVW 2021-2 LLC (the “2021-2 LLC”) during the fourth quarter of 2021, and as of December 31, 2021, the 2021-2 LLC held $57 million of the proceeds, which was released as the remaining vacation ownership notes receivable were purchased subsequent to December 31, 2021. In connection with the securitization during the fourth quarter of 2021, investors purchased in a private placement $425 million in vacation ownership loan backed notes from the 2021-2 LLC. Three classes of vacation ownership loan backed notes were issued by the 2021-2 LLC: $265 million of Class A Notes, $95 million of Class B Notes, and $65 million of Class C Notes. The Class A Notes have an interest rate of 1.43%, the Class B Notes have an interest rate of 1.83%, and the Class C Notes have an interest rate of 2.23%, for an overall weighted average interest rate of 1.64%. Of the $425 million in proceeds from the transaction, approximately $107 million was used to repay all outstanding amounts previously drawn under our Warehouse Credit Facility (as defined below), approximately $8 million was used to pay transaction expenses and fund required reserves, and the remaining $204 million will be used for general corporate purposes. Subsequent to end of 2021, the 2021-2 LLC purchased the remaining $58 million of vacation ownership notes receivable and $57 million was released from restricted cash. Warehouse Credit Facility Our warehouse credit facility (the “Warehouse Credit Facility”), which has a borrowing capacity of $350 million, allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis. The Warehouse Credit Facility terminates on April 21, 2023, and if not renewed prior to termination, any amounts outstanding thereunder would become due and payable 13 months after termination, at which time all principal and interest collected with respect to the vacation ownership notes receivable held in the Warehouse Credit Facility would be redirected to the lenders to pay down the outstanding debt under the facility. The advance rate for vacation ownership notes receivable securitized using the Warehouse Credit Facility varies based on the characteristics of the securitized vacation ownership notes receivable. We also pay unused facility and other fees under the Warehouse Credit Facility. We generally expect to securitize our vacation ownership notes receivable, including any vacation ownership notes receivable held in the Warehouse Credit Facility, in the ABS market at least once per year. During the fourth quarter of 2021, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $126 million. The average advance rate was 85%, which resulted in gross proceeds of $107 million. Net proceeds were $106 million due to the funding of reserve accounts of $1 million. As of December 31, 2021, there were no cash borrowings outstanding under our Warehouse Credit Facility, as all outstanding amounts were repaid in connection with the fourth quarter of 2021 vacation ownership notes receivable securitization transaction as discussed above.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT	DEBT The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs: ($ in millions) At December 31, 2021 At December 31, 2020 Senior Secured Notes 2025 Notes $ 250 $ 500 Unamortized debt discount and issuance costs (2) (6) 248 494 Senior Unsecured Notes 2026 Notes — 750 Unamortized debt discount and issuance costs — (6) — 744 2028 Notes 350 350 Unamortized debt discount and issuance costs (4) (4) 346 346 2029 Notes 500 — Unamortized debt discount and issuance costs (7) — 493 — Corporate Credit Facility Term Loan 784 884 Unamortized debt discount and issuance costs (8) (11) 776 873 Convertible Notes 2022 Convertible Notes 230 230 Unamortized debt discount and issuance costs (6) (15) 224 215 2026 Convertible Notes 575 — Unamortized debt discount and issuance costs (114) — 461 — Finance Leases 83 8 $ 2,631 $ 2,680 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2021. ($ in millions) 2025 Notes 2028 Notes 2029 Notes Term Loan 2022 Convertible Notes 2026 Convertible Notes Total Payments Year 2022 $ — $ — $ — $ — $ 230 $ — $ 230 2023 — — — — — — — 2024 — — — — — — — 2025 250 — — 784 — — 1,034 2026 — — — — — 575 575 Thereafter — 350 500 — — — 850 $ 250 $ 350 $ 500 $ 784 $ 230 $ 575 $ 2,689 Senior Notes Our Senior Notes, as further discussed below, include the following: • $500 million aggregate principal amount of 6.125% Senior Secured Notes due 2025 issued in the second quarter of 2020 with a maturity date of September 15, 2025 (the “2025 Notes”). • $350 million aggregate principal amount of 4.750% Senior Unsecured Notes due 2028 issued in the fourth quarter of 2019 with a maturity date of January 15, 2028 (the “2028 Notes”). • $500 million aggregate principal amount of 4.500% Senior Unsecured Notes due 2029 issued in the second quarter of 2021 with a maturity date of June 15, 2029 (the “2029 Notes”). 2025 Notes The 2025 Notes are pari passu with, and secured by the same collateral as, our Corporate Credit Facility. We pay interest on the 2025 Notes on May 15 and November 15 of each year. We received net proceeds of approximately $493 million from the offering of the 2025 Notes, after deducting offering expenses and the underwriting discount, which were used to repay all amounts outstanding at that time on the Revolving Corporate Credit Facility. We may redeem some or all of the remaining 2025 Notes prior to maturity under the terms provided in the indenture. During 2021, we redeemed, prior to maturity, $250 million aggregate principal amount of the 2025 Notes pursuant to the terms of the indenture governing the 2025 Notes. In connection with this redemption, we incurred charges of $19 million, inclusive of a redemption premium and the write-off of unamortized debt issuance costs, which was recorded in (Losses) gains and other (expense) income, net line on our Income Statement for the year ended December 31, 2021. 2028 Notes We issued the 2028 Notes under an indenture dated October 1, 2019 with The Bank of New York Mellon Trust, as trustee. We received net proceeds of $346 million from the offering, after deducting the underwriting discount and estimated expenses. The net proceeds from the 2028 Notes were used (i) to redeem all of the outstanding 5.625% Senior Unsecured Notes due 2023 assumed in connection with the ILG Acquisition (the “IAC Notes”), (ii) to redeem all of the outstanding 5.625% Senior Unsecured Notes due 2023 offered in exchange for the IAC Notes during the third quarter of 2018 (the “Exchange Notes”), (iii) to repay a portion of the then outstanding borrowings under our Revolving Corporate Credit Facility, (iv) to pay transaction expenses and fees in connection with each of the foregoing and (v) for general corporate purposes. We pay interest on the 2028 Notes on March 15 and September 15 of each year. We may redeem some or all of the 2028 Notes prior to maturity under the terms provided in the indenture. 2029 Notes We issued the 2029 Notes under an indenture dated June 21, 2021 with The Bank of New York Mellon Trust Company, N.A., as trustee. We received net proceeds of $493 million from the offering, after deducting the underwriting fees and transaction expenses. We used these proceeds in July 2021 to redeem, prior to maturity, $500 million of the $750 million aggregate principal amount of 6.500% Senior Unsecured Notes due 2026 issued in the third quarter of 2018 with a maturity date of September 15, 2026 (the “2026 Notes”) and pay transaction expenses and fees in connection with the transaction. We pay interest on the 2029 Notes on June 15 and December 15 of each year, commencing on December 15, 2021. We may redeem some or all of the 2029 Notes prior to maturity under the terms provided in the indenture. 2026 Notes As noted above, in July 2021, we redeemed, prior to maturity, $500 million aggregate principal amount of the 2026 Notes pursuant to the terms of the indenture governing the 2026 Notes . Additionally, in September 2021, we redeemed, prior to maturity, the remaining $250 million aggregate principal amount of the 2026 Notes pursuant to the terms of the indenture governing the 2026 Notes. In connection with these redemptions, we incurred charges of $36 million, inclusive of a redemption premium and the write-off of unamortized debt issuance costs, which was recorded in (Losses) gains and other (expense) income, net line on our Income Statement for the year ended December 31, 2021. Corporate Credit Facility Our corporate credit facility (“Corporate Credit Facility”), which provides support for our business, including ongoing liquidity and letters of credit, includes a $900 million term loan facility (the “Term Loan”), which matures on August 31, 2025, and a revolving credit facility with a borrowing capacity of $600 million (the “Revolving Corporate Credit Facility”), including a letter of credit sub-facility of $75 million, that terminates on August 31, 2023. The Term Loan bears interest at LIBOR plus 1.75%. Borrowings under the Revolving Corporate Credit Facility generally bear interest at a floating rate plus an applicable margin that varies from 0.50% to 2.75% depending on the type of loan and our credit rating. In addition, we pay a commitment fee on the unused availability under the Revolving Corporate Credit Facility at a rate that varies from 20 to 40 basis points per annum, also depending on our credit rating. Any amounts borrowed under that facility, as well as obligations with respect to letters of credit issued pursuant to that facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrower under, and guarantors of, that facility (which include Marriott Vacations Worldwide and each of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose subsidiaries), in each case including inventory, subject to certain exceptions. In 2020, we entered into a waiver (the “Waiver”) to the agreement that governs our Corporate Credit Facility, which, among other things, suspended the requirement to comply with the leverage covenant in the Revolving Corporate Credit Facility, commencing with the fiscal quarter ending June 30, 2020. The initial suspension period included in the Waiver was up to four quarters, however, in February 2021, we further amended the agreement governing our Corporate Credit Facility to extend the suspension period included in the Waiver through the end of 2021. The Waiver prohibited us from making certain restricted payments, including share repurchases and dividends. On September 9, 2021, we elected to terminate the Waiver. Prior to 2020, we entered into $250 million of interest rate swaps under which we pay a fixed rate of 2.9625% and receive a floating interest rate through September 2023 and $200 million of interest rate swaps under which we pay a fixed rate of 2.2480% and receive a floating interest rate through April 2024, in each case to hedge a portion of our interest rate risk on the Term Loan. We also entered into a $100 million interest rate collar with a cap strike rate of 2.5000% and a floor strike rate of 1.8810% through April 2024 to further hedge our interest rate risk on the Term Loan. Both the interest rate swaps and the interest rate collar have been designated and qualify as cash flow hedges of interest rate risk and recorded in Other liabilities on our Balance Sheet as of December 31, 2021 and December 31, 2020. We characterize payments we make in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income for presentation purposes. The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during 2021, 2020 and 2019. There were no reclassifications to the Income Statement for any of the periods below. ($ in millions) 2021 2020 2019 Derivative Instrument Adjustment, Beginning of Year $ (39) $ (21) $ (6) Other comprehensive gain (loss) before reclassifications 21 (18) (15) Derivative Instrument Adjustment, End of Year $ (18) $ (39) $ (21) Convertible Notes 2022 Convertible Notes During 2017, we issued $230 million of 2022 Convertible Notes that bear interest at a rate of 1.50%, payable in cash semi-annually. The 2022 Convertible Notes mature on September 15, 2022, unless repurchased or converted in accordance with their terms prior to that date. There are no financial or operating covenants related to the 2022 Convertible Notes. The conversion rate is subject to adjustment for certain events as described in the indenture governing the notes, and was subject to adjustment as of December 31, 2021 to 6.8282 shares of common stock per $1,000 principal amount of 2022 Convertible Notes (equivalent to a conversion price of approximately $146.45 per share of our common stock), as a result of the dividends that have been declared since issuance that were greater than the quarterly dividend when the 2022 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. It is our intent to settle conversions of the 2022 Convertible Notes through combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount. As of December 31, 2021, the effective interest rate was 4.73% and the remaining discount amortization period was less than one year. Holders may convert their 2022 Convertible Notes prior to June 15, 2022 only under certain circumstances. We may not redeem the 2022 Convertible Notes prior to their maturity date. If we undergo a fundamental change, as described in the indenture, subject to certain conditions, holders may require us to repurchase for cash all or any portion of their 2022 Convertible Notes, at a repurchase price equal to 100% of the principal amount of the 2022 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. If certain fundamental changes referred to in the indenture as make-whole fundamental changes occur, the conversion rate applicable to the 2022 Convertible Notes may increase. The following table shows the net carrying value of the 2022 Convertible Notes. ($ in millions) At December 31, 2021 At December 31, 2020 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (5) (13) Unamortized debt issuance costs (1) (2) Net carrying amount of the liability component $ 224 $ 215 Carrying amount of equity component, net of issuance costs $ 33 $ 33 The following table shows interest expense information related to the 2022 Convertible Notes. ($ in millions) 2021 2020 2019 Contractual interest expense $ 3 $ 3 $ 3 Amortization of debt discount 8 7 6 Amortization of debt issuance costs 1 1 2 $ 12 $ 11 $ 11 2022 Convertible Note Hedges and Warrants In connection with the offering of the 2022 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (“2022 Convertible Note Hedges”), covering a total of approximately 1.5 million shares of our common stock, and warrant transactions (“2022 Warrants”), whereby we sold to the counterparties to the 2022 Convertible Note Hedges warrants to acquire approximately 1.5 million shares of our common stock. As of December 31, 2021, the strike prices of the 2022 Convertible Note Hedges and the 2022 Warrants were subject to adjustment to approximately $148.55 and $177.12, respectively, and no 2022 Convertible Note Hedges or 2022 Warrants have been exercised. 2026 Convertible Notes During 2021, we issued $575 million aggregate principal amount of 2026 Convertible Notes that bear interest at a rate of 0.00%. The 2026 Convertible Notes are governed by an indenture dated February 2, 2021 (the “Indenture”) among the Company, Marriott Ownership Resorts, Inc. and the other guarantors party thereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). We received net proceeds from the offering of approximately $530 million after adjusting for debt issuance costs, including the discount to the initial purchasers, the cost of the 2026 Convertible Note Hedges, and proceeds from the 2026 Warrants (both as defined below). The 2026 Convertible Notes do not bear regular interest and mature on January 15, 2026, unless earlier repurchased or converted in accordance with their terms prior to that date. On or after October 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the 2026 Convertible Notes, holders may convert their 2026 Convertible Notes at their option. The conversion rate is subject to adjustment for certain events as described in the Indenture, and was subject to adjustment as of December 31, 2021 to 5.8884 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $169.83 per share of our common stock), as a result of the dividends that have been declared since issuance. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. It is our intent to settle conversions of the 2026 Convertible Notes through combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount. Holders may convert their 2026 Convertible Notes prior to October 15, 2025 only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of 2026 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or • upon the occurrence of specified corporate events as described in the Indenture. We may not redeem the 2026 Convertible Notes prior to their maturity date, and no sinking fund is provided for them. If we undergo a fundamental change, as described in the Indenture, subject to certain conditions, holders may require us to repurchase for cash all or any portion of their 2026 Convertible Notes. The repurchase price as a result of a fundamental change is equal to 100% of the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the repurchase date. If certain fundamental changes referred to in the Indenture as make-whole fundamental changes occur, the conversion rate applicable to the 2026 Convertible Notes may increase. The 2026 Convertible Notes are unconditionally guaranteed, on a joint and several basis, by the Guarantors on a senior, unsecured basis. The 2026 Convertible Notes are our general senior unsecured obligations and rank equally in right of payment with all of our existing and future senior indebtedness, and senior in right of payment to all of our future subordinated debt. The 2026 Convertible Notes will be effectively subordinated to any of our existing and future secured debt to the extent of the value of the assets securing such debt, including the guarantees of borrowings outstanding under the Corporate Credit Facility and our 2025 Notes. The 2026 Convertible Notes are structurally subordinated to any existing and future indebtedness and any other liabilities and obligations of any of our subsidiaries that are not guarantors of the 2026 Convertible Notes. The guarantees will be the Guarantors’ general senior unsecured obligations and rank equally in right of payment with all of the Guarantors’ existing and future senior indebtedness, and senior in right of payment to all of the Guarantors’ future subordinated debt. The guarantees are effectively subordinated to any of the Guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt, including any borrowings outstanding under the Corporate Credit Facility and the 2025 Notes. The guarantees are structurally subordinated to any existing and future indebtedness and any other liabilities and obligations of any of our subsidiaries that are not guarantors of the 2026 Convertible Notes. There are no financial or operating covenants related to the 2026 Convertible Notes. The Indenture contains customary events of default with respect to the 2026 Convertible Notes and provides that upon the occurrence and continuation of certain events of default, the Trustee or the holders of at least 25% in aggregate principal amount of the 2026 Convertible Notes then outstanding may declare all principal of and accrued and any unpaid interest on the 2026 Convertible Notes then outstanding to be immediately due and payable. In case of certain events of bankruptcy or insolvency involving the Company, all of the principal of and accrued and unpaid interest on the 2026 Convertible Notes will automatically become immediately due and payable. We separated the 2026 Convertible Notes into liability and equity components and allocated $449 million to the liability component and $126 million to the equity component. The resulting debt discount is amortized as interest expense. As of December 31, 2021, the effective interest rate was 0.00% and the remaining debt discount amortization period was 4 years. We had debt issuance costs, including initial purchasers’ discount to underwriters, of $15 million related to the 2026 Convertible Notes, which were allocated to the liability and equity components based on their relative values. Issuance costs attributable to the liability component are amortized to interest expense over the term of the 2026 Convertible Notes, and issuance costs attributable to the equity component are included along with the equity component in shareholders’ equity. The following table shows the net carrying value of the 2026 Convertible Notes. ($ in millions) At December 31, 2021 At December 31, 2020 Liability component Principal amount $ 575 $ — Unamortized debt discount (104) — Unamortized debt issuance costs (10) — Net carrying amount of the liability component $ 461 $ — Carrying amount of equity component, net of issuance costs $ 117 $ — The following table shows interest expense information related to the 2026 Convertible Notes. ($ in millions) 2021 2020 2019 Amortization of debt discount $ 22 $ — $ — Amortization of debt issuance costs 2 — — $ 24 $ — $ — 2026 Convertible Note Hedges and Warrants In connection with the offering of the 2026 Convertible Notes, we entered into privately-negotiated convertible note hedge transactions with respect to our common stock with certain counterparties (the “2026 Convertible Note Hedges”), covering a total of 3.4 million shares of our common stock at a cost of $100 million. The 2026 Convertible Note Hedges are subject to anti-dilution provisions substantially similar to those of the 2026 Convertible Notes, have a strike price that initially corresponded to the initial conversion price of the 2026 Convertible Notes, are exercisable by us upon any conversion under the 2026 Convertible Notes, and expire when the 2026 Convertible Notes mature. The cost of the 2026 Convertible Note Hedges is expected to be tax deductible as an original issue discount over the life of the 2026 Convertible Notes, as the 2026 Convertible Notes and the 2026 Convertible Note Hedges represent an integrated debt instrument for tax purposes. The cost of the 2026 Convertible Note Hedges was recorded as a reduction of Additional paid-in capital on our Balance Sheet. Concurrently with the entry into the 2026 Convertible Note Hedges, we separately entered into privately-negotiated warrant transactions (the “2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges warrants to acquire, collectively, subject to anti-dilution adjustments, approximately 3.4 million shares of our common stock at an initial strike price of $213.76 per share. We received aggregate proceeds of $70 million from the sale of the 2026 warrants to the counterparties. The proceeds from the issuance of the 2026 Warrants were recorded as an increase to Additional paid-in capital on our Balance Sheet. Taken together, the 2026 Convertible Note Hedges and the 2026 Warrants are generally expected to reduce the potential dilution to our common stock (or, in the event the conversion of the 2026 Convertible Notes is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion our stock price exceeds the conversion price under the 2026 Convertible Notes and to effectively increase the overall conversion price to the Company from $171.01 per share to $213.76 per share. The 2026 Warrants will expire in ratable portions on a series of expiration dates commencing on April 15, 2026. The 2026 Convertible Notes, the 2026 Convertible Note Hedges, and the 2026 Warrants are transactions that are separate from each other. Holders of any such instrument have no rights with respect to the other instruments. As of December 31, 2021, the strike prices of the 2026 Convertible Note Hedges and the 2026 Warrants were subject to adjustment to approximately $169.83 and $212.28, respectively, and no 2026 Convertible Note Hedges or 2026 Warrants have been exercised. Finance Leases See Footnote 14 “Leases” for information on our finance leases. Security and Guarantees

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At December 31, 2021, there were 75,519,049 shares of Marriott Vacations Worldwide common stock issued, of which 42,283,378 shares were outstanding and 33,235,671 shares were held as treasury stock. At December 31, 2020, there were 75,279,061 shares of Marriott Vacations Worldwide common stock issued, of which 41,094,248 shares were outstanding and 34,184,813 shares were held as treasury stock. Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $0.01 per share, none of which were issued or outstanding as of December 31, 2021 or December 31, 2020. Share Repurchase Program The following table summarizes share repurchase activity under our share repurchase programs: ($ in millions, except per share amounts) Number of Shares Repurchased Cost of Shares Repurchased Average Price Paid per Share As of December 31, 2020 17,188,885 $ 1,340 $ 77.95 For the year ended December 31, 2021 492,510 78 $ 157.77 As of December 31, 2021 17,681,395 $ 1,418 $ 80.17 During the third quarter of 2021, our Board of Directors authorized a share repurchase program under which we may purchase shares of our common stock for an aggregate purchase price not to exceed $250 million, prior to December 31, 2022. Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements, contractual restrictions, and other factors. Acquired shares of our common stock are held as treasury shares carried at cost in our Financial Statements. In connection with the repurchase program, we are authorized to adopt one of more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. As of December 31, 2021, $172 million remained available for repurchase under the authorization approved by the Board of Directors. The authorization for the share repurchase program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. Subsequent to the end of 2021, our Board of Directors authorized the repurchase of up to an additional $300 million of our common stock, as well as the extension of the duration of our existing share repurchase program to March 31, 2023. Dividends We declared cash dividends to holders of common stock during the year ended December 31, 2021 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt, and Board approval. There can be no assurance that we will pay dividends in the future. Declaration Date Shareholder Record Date Distribution Date Dividend per Share September 10, 2021 September 23, 2021 October 7, 2021 $0.54 December 9, 2021 December 23, 2021 January 6, 2022 $0.54 Subsequent to the end of 2021, on February 18, 2022, our Board of Directors declared a quarterly dividend of $0.62 per share to be paid on March 17, 2022 to shareholders of record as of March 3, 2022. Noncontrolling Interests Owners’ Associations We consolidate certain owners’ associations. Noncontrolling interests represent the portion of the owners’ associations related to third-party vacation ownership interest owners. Noncontrolling interests of $10 million and $31 million, as of December 31, 2021 and December 31, 2020, respectively, are included on our Balance Sheets as a component of equity.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION We maintain the MVW Equity Plan for the benefit of our officers, directors and employees. Under the MVW Equity Plan, we are authorized to award: (1) RSUs of our common stock, (2) SARs relating to our common stock, and (3) stock options to purchase our common stock. A total of 1.8 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of December 31, 2021, approximately 1.4 million shares were available for grants under the MVW Equity Plan. The following table details our share-based compensation expense related to award grants to our officers, directors, and employees: ($ in millions) 2021 2020 2019 Service-based RSUs $ 34 $ 22 $ 17 Performance-based RSUs 9 9 7 ILG Acquisition Converted RSUs — 2 10 43 33 34 SARs 8 4 3 $ 51 $ 37 $ 37 The following table details our deferred compensation costs related to unvested awards: ($ in millions) At Year-End 2021 (1) At Year-End 2020 Service-based RSUs $ 33 $ 27 Performance-based RSUs — 6 33 33 SARs 2 1 $ 35 $ 34 _________________________ (1) As of December 31, 2021, the weighted average remaining term for RSU grants outstanding at year-end 2021 was one one Restricted Stock Units We have issued RSUs that vest over time, which we refer to as service-based RSUs, and RSUs that vest based on performance with respect to established criteria, which we refer to as performance-based RSUs. The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values: 2021 Service-based Performance-based Total Number of RSUs Weighted Average Grant-Date Fair Value Per RSU Number of RSUs Weighted Average Grant-Date Fair Value Per RSU Number of RSUs Weighted Average Grant-Date Fair Value Per RSU Outstanding at year-end 2020 783,489 $ 88.98 550,171 $ 99.56 1,333,660 $ 93.34 Granted 260,077 $ 161.42 — $ — 260,077 $ 161.42 Distributed (264,735) $ 97.57 (35,135) $ 138.68 (299,870) $ 102.39 Forfeited (13,751) $ 115.94 (39,915) $ 133.95 (53,666) $ 129.33 Outstanding at year-end 2021 765,080 $ 110.14 475,121 $ 93.77 1,240,201 $ 103.87 The weighted average grant-date fair value per RSU granted in 2020 and 2019 was $95.92 and $95.66, respectively. The fair value of the RSUs which vested in 2021, 2020, and 2019 was $46 million, $30 million, and $34 million, respectively, and included $3 million, $6 million, and $15 million, respectively, related to RSUs converted from ILG equity-based RSUs to MVW equity-based RSUs in the ILG Acquisition. Stock Appreciation Rights The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices: 2021 Number of Weighted Average Exercise Price Per SAR Outstanding at year-end 2020 622,102 $ 84.58 Granted 127,857 $ 173.88 Exercised (122,031) $ 57.78 Forfeited or expired (1,053) $ 173.88 Outstanding at year-end 2021 (1)(2) 626,875 $ 107.86 _________________________ (1) As of December 31, 2021, outstanding SARs had a total intrinsic value of $39 million and a weighted average remaining term of 6 years. (2) As of December 31, 2021, 356,698 SARs with a weighted average exercise price of $86.61, an aggregate intrinsic value of $29 million and a weighted average remaining contractual term of 5 years were exercisable. The weighted average grant-date fair value per SAR granted in 2021, 2020, and 2019 was $70.66, $29.63, and $28.89, respectively. The intrinsic value of SARs which vested in 2021, 2020, and 2019, was $5 million, $4 million, and $4 million, respectively. The aggregate intrinsic value of SARs which were exercised in 2021, 2020, and 2019 was $14 million, $19 million, and $11 million, respectively. We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts. The following table outlines the assumptions used to estimate the fair value of grants in 2021, 2020, and 2019: 2021 2020 2019 Expected volatility 48.35% 38.81% 31.10% Dividend yield 1.48% 2.13% 1.76% Risk-free rate 0.97% 0.96% 2.59% Expected term (in years) 6.25 6.25 6.25 Employee Stock Purchase Plan During 2015, the Board of Directors adopted, and our shareholders subsequently approved, the Marriott Vacations Worldwide Corporation Employee Stock Purchase Plan (the “ESPP”), which became effective during 2015. A total of 500,000 shares of common stock may be purchased under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share not less than 95% of the fair market value per share of common stock on the purchase date, up to a maximum threshold established by the plan administrator for the offering period.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations We periodically securitize, without recourse, through bankruptcy remote special purpose entities, notes receivable originated in connection with the sale of vacation ownership products. These vacation ownership notes receivable securitizations provide funding for us and transfer the economic risks and substantially all the benefits of the consumer loans we originate to third parties. In a vacation ownership notes receivable securitization, various classes of debt securities issued by a special purpose entity are generally collateralized by a single tranche of transferred assets, which consist of vacation ownership notes receivable. With each vacation ownership notes receivable securitization, we may retain a portion of the securities, subordinated tranches, interest-only strips, subordinated interests in accrued interest and fees on the securitized vacation ownership notes receivable or, in some cases, overcollateralization and cash reserve accounts. We created these bankruptcy remote special purpose entities to serve as a mechanism for holding assets and related liabilities, and the entities have no equity investment at risk, making them VIEs. We continue to service the vacation ownership notes receivable, transfer all proceeds collected to these special purpose entities, and retain rights to receive benefits that are potentially significant to the entities. Accordingly, we concluded that we are the entities’ primary beneficiary and, therefore, consolidate them. There is no noncontrolling interest balance related to these entities and the creditors of these entities do not have general recourse to us. The following table shows consolidated assets, which are collateral for the obligations of these VIEs, and consolidated liabilities included on our Balance Sheet at December 31, 2021: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,662 $ — $ 1,662 Interest receivable 12 — 12 Restricted cash 139 — 139 Total $ 1,813 $ — $ 1,813 Consolidated Liabilities Interest payable $ 2 $ — $ 2 Securitized debt 1,877 — 1,877 Total $ 1,879 $ — $ 1,879 The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during 2021: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 217 $ 2 $ 219 Interest expense to investors $ 43 $ 2 $ 45 Debt issuance cost amortization $ 7 $ 1 $ 8 Administrative expenses $ 3 $ — $ 3 The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs: ($ in millions) 2021 2020 Cash Inflows Net proceeds from vacation ownership notes receivable securitizations $ 841 $ 371 Principal receipts 585 487 Interest receipts 228 218 Reserve release 159 16 Total 1,813 1,092 Cash Outflows Principal to investors (590) (509) Voluntary repurchases of defaulted vacation ownership notes receivable (99) (95) Voluntary clean-up call (72) (18) Interest to investors (43) (49) Funding of restricted cash (217) (20) Total (1,021) (691) Net Cash Flows $ 792 $ 401 Under the terms of our vacation ownership notes receivable securitizations, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. We made voluntary repurchases of defaulted vacation ownership notes receivable, net of substitutions, of $99 million during 2021, $95 million during 2020 and $54 million during 2019. We also made voluntary repurchases of $200 million, $383 million and $356 million of other non-defaulted vacation ownership notes receivable during 2021, 2020 and 2019, respectively, to retire previous vacation ownership notes receivable securitizations. Our maximum exposure to potential loss relating to the special purpose entities that purchase, sell, and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance on the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral. The following table shows cash flows between us and the Warehouse Credit Facility VIE: ($ in millions) 2021 2020 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 107 $ 315 Principal receipts 2 34 Interest receipts 2 17 Reserve release 1 2 Total 112 368 Cash Outflows Principal to investors — (33) Voluntary repurchases of defaulted vacation ownership notes receivable — (3) Repayment of Warehouse Credit Facility (107) (300) Interest to investors (2) (4) Funding of restricted cash (1) (2) Total (110) (342) Net Cash Flows $ 2 $ 26 Other Variable Interest Entities We have a commitment to purchase a property located in Waikiki, Hawaii, which we assigned to a third party during 2020. If we are unable to negotiate a capital efficient inventory arrangement, we are committed to purchase the property, in its then current form, for $104 million in 2022, unless it has been sold to another party. The property is held by a VIE for which we are not the primary beneficiary as we do not control the operations of the VIE. Accordingly, we have not consolidated the VIE. As of December 31, 2021, our Balance Sheet reflected $1 million in Accounts Receivable, including a note receivable of less than $1 million, related to this VIE. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $1 million as of December 31, 2021.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS We define our reportable segments based on the way in which the chief operating decision maker (“CODM”), currently our chief executive officer, manages the operations of the Company for purposes of allocating resources and assessing performance. We operate in two operating and reportable business segments: • Vacation Ownership includes a diverse portfolio of resorts that includes some of the world’s most iconic brands licensed under exclusive, long-term relationships. We are the exclusive worldwide developer, marketer, seller, and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Residence Club brands, as well as under Marriott Vacation Club Pulse, an extension to the Marriott Vacation Club brand. We are also the exclusive worldwide developer, marketer, and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand, we have the non-exclusive right to develop, market, and sell whole ownership residential products under The Ritz-Carlton Residences brand and have a license to use the St. Regis brand for specified fractional ownership resorts. In addition, as part of the Welk Acquisition, we acquired the short-term license to use the Welk brand in connection with the continued operations of the Welk business. We intend to rebrand all Welk resorts as Hyatt-branded resorts once all necessary approvals have been obtained. Our Vacation Ownership segment generates most of its revenues from four primary sources: selling vacation ownership products; managing vacation ownership resorts, clubs, and owners’ associations; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory. • Exchange & Third-Party Management includes exchange networks and membership programs, as well as provision of management services to other resorts and lodging properties. We provide these services through a variety of brands including Interval International, Trading Places International, Vacation Resorts International, and Aqua-Aston. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange and rental transactions, owners’ association management, and other related products and services. Our CODM evaluates the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation, other gains and losses, equity in earnings or losses from our joint ventures, and noncontrolling interest to each of our segments as appropriate. Corporate and other represents that portion of our results that are not allocable to our segments, including those relating to consolidated owners’ associations, as our CODM does not use this information to make operating segment resource allocations. Prior year segment information has been reclassified to conform to the current reportable segment presentation. Our CODM uses Adjusted EBITDA to evaluate the profitability of our operating segments, and the components of net income or loss attributable to common shareholders excluded from Adjusted EBITDA are not separately evaluated. Adjusted EBITDA is defined as net income or loss attributable to common shareholders, before interest expense (excluding consumer financing interest expense associated with term loan securitization transactions), income taxes, depreciation and amortization, excluding share-based compensation expense and adjusted for certain items that affect the comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income (loss) attributable to common shareholders is presented below. Revenues ($ in millions) 2021 2020 2019 Vacation Ownership $ 3,539 $ 2,530 $ 3,761 Exchange & Third-Party Management 320 309 454 Total segment revenues 3,859 2,839 4,215 Corporate and other 31 47 44 $ 3,890 $ 2,886 $ 4,259 Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders ($ in millions) 2021 2020 2019 Adjusted EBITDA Vacation Ownership $ 699 $ 229 $ 794 Adjusted EBITDA Exchange & Third-Party Management 144 119 183 Reconciling items: Corporate and other (186) (113) (219) Interest expense (164) (150) (132) Tax (provision) benefit (74) 84 (83) Depreciation and amortization (146) (123) (141) Share-based compensation expense (51) (37) (37) Certain items (173) (284) (227) Net income (loss) attributable to common shareholders $ 49 $ (275) $ 138 Depreciation and Amortization ($ in millions) 2021 2020 2019 Vacation Ownership $ 89 $ 79 $ 68 Exchange & Third-Party Management 48 32 47 Total segment depreciation 137 111 115 Corporate and other 9 12 26 $ 146 $ 123 $ 141 Assets ($ in millions) At December 31, 2021 At December 31, 2020 Vacation Ownership $ 7,897 $ 6,859 Exchange & Third-Party Management 911 951 Total segment assets 8,808 7,810 Corporate and other 805 1,088 $ 9,613 $ 8,898 Capital Expenditures (including inventory) ($ in millions) 2021 2020 2019 Vacation Ownership $ 296 $ 191 $ 266 Exchange & Third-Party Management 3 7 14 Total segment capital expenditures 299 198 280 Corporate and other (2) 4 13 $ 297 $ 202 $ 293 Geographic Information We conduct business globally, and our operations outside the United States represented approximately 10%, 10%, and 11% of our revenues, excluding cost reimbursements, for 2021, 2020, and 2019, respectively. Revenues (excluding cost reimbursements) ($ in millions) 2021 2020 2019 United States $ 2,499 $ 1,664 $ 2,810 All other countries 263 180 341 $ 2,762 $ 1,844 $ 3,151 Fixed Assets ($ in millions) At December 31, 2021 At December 31, 2020 United States $ 988 $ 640 All other countries 148 151 $ 1,136 $ 791

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW,” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Consolidated Statements of Cash Flows as our “Cash Flows.” References throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Consolidated Financial Statements, unless otherwise noted. We also refer to Marriott International, Inc. as “Marriott International” and Marriott International’s Marriott Bonvoy customer loyalty program as “Marriott Bonvoy.” We use certain other terms that are defined within these Financial Statements.The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss attributable to common shareholders and MVW shareholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.
Basis of Presentation	These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainty created by the continuing COVID-19 pandemic (as defined below), and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from these estimated amounts, and such differences may be material.
Reclassification	We have reclassified certain prior year amounts to conform with our current year presentation.
Revenue Recognition	Revenue Recognition We account for revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers ” (“ASC 606”). Sale of Vacation Ownership Products We market and sell vacation ownership products in our Vacation Ownership segment. Vacation ownership products include deeded vacation ownership products, deeded beneficial interests, rights to use real estate and other interests in trusts that solely hold real estate (collectively “vacation ownership products” or “VOIs”). Vacation ownership products may be sold for cash or we may provide financing. In connection with the sale of vacation ownership products, we provide sales incentives to certain purchasers and, in certain cases, membership in a brand affiliated club. Non-cash incentives typically include Marriott Bonvoy points, Hyatt’s customer loyalty program points (“World of Hyatt” points), or an alternative sales incentive that we refer to as “plus points.” Plus points are redeemable for stays at our resorts or for use in an exclusive selection of travel packages provided by affiliate tour operators (the “Explorer Collection”), generally up to two years from the date of issuance. Typically, sales incentives are only awarded if the sale is closed. Upon execution of a legal sales agreement, we typically receive an upfront deposit from our customer with the remainder of the purchase price for the vacation ownership product to either be collected at closing (“cash contract”) or financed by the customer through our financing programs (“financed contract”). Refer to “ Financing Revenues ” below for further information regarding financing terms. Customer deposits received for contracts are recorded as Advance deposits on our Balance Sheets until the point in time at which control of the vacation ownership product has transferred to the customer. Our assessment of collectability of the transaction price for sales of vacation ownership products is aligned with our credit granting policies for financed contracts. In determining the consideration to which we expect to be entitled for financed contracts, we include estimated variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the customer class and the results of our static pool analyses, which rely on historical payment data by customer class as described in “ Loan Loss Reserves ” below. Variable consideration which has not been included within the transaction price is presented as a reserve on vacation ownership notes receivable. Revisions to estimates of variable consideration from the sale of vacation ownership products impact the reserve on originated vacation ownership notes receivable and can increase or decrease revenue. Revenues were reduced during 2021 by $9 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. See Footnote 6 “Vacation Ownership Notes Receivable” for information on increases to our vacation ownership notes receivable reserve attributable to the COVID-19 pandemic. In addition, we account for cash incentives provided to customers as a reduction of the transaction price. Refer to “ Arrangements with Multiple Performance Obligations ” below for a description of our methods of allocating transaction price to each performance obligation. We evaluated our business practices, and the underlying risks and rewards associated with vacation ownership products and the respective timing that such risks and rewards are transferred to the customer in determining the point in time at which control of the vacation ownership product is transferred to the customer. Based upon the different terms of the contracts with the customer and business practices, we transfer control of the vacation ownership product at different times for our different businesses. We recognize revenue on the sale of Legacy-MVW and Legacy-Welk vacation ownership products at closing. We recognize revenue on the sale of Legacy-ILG vacation ownership products upon expiration of the rescission period. Revenue for non-cash incentives, such as plus points, is recorded as Deferred revenue on our Balance Sheets at closing and is recognized as rental revenue upon transfer of control to the customer, which typically occurs upon delivery of the incentive, or at the point in time when the incentive is redeemed. For non-cash incentives provided by third parties (i.e. Marriott Bonvoy points, World of Hyatt points or third-party Explorer Collection offerings), we evaluated whether we control the underlying good or service prior to delivery to the customer. We concluded that we are an agent for those non-cash incentives which we do not control prior to delivery and as such record the related revenue net of the related cost upon recognition. Management and Exchange Revenues and Cost Reimbursements Revenues Ancillary Revenues Ancillary revenues consist of goods and services that are sold or provided by us at food and beverage outlets, golf courses and other retail and service outlets located at our resorts. Payments for such goods and services are generally received at the point of sale in the form of cash or credit card charges. For goods and services sold, we evaluate whether we control the underlying goods or services prior to delivery to the customer. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. We recognize ancillary revenue at the point in time when goods have been provided and/or services have been rendered. Management Fee Revenues and Cost Reimbursements Revenues We provide day-to-day-management services, including housekeeping services, operation of reservation systems, maintenance and certain accounting and administrative services for owners’ associations, condominium owners and hotels. We generate revenue from fees we earn for managing vacation ownership resorts, clubs, owners’ associations, condominiums and hotels. In our Vacation Ownership segment, these fees are earned regardless of usage or occupancy and are typically based on either a percentage of the budgeted costs to operate the resorts or a fixed fee arrangement (“VO management fee revenues”). In our Exchange & Third-Party Management segment, we earn base management fees which are typically either (i) fixed amounts, (ii) amounts based on a percentage of adjusted gross lodging revenue, or (iii) various revenue sharing agreements based on stated formulas (“Base management fee revenues”) and incentive management fees, which are generally a percentage of either operating profits or improvement in operating profits (“Incentive management fees”). In addition, we receive reimbursement of costs incurred on behalf of our customers, which consist of actual expenses with no added margin (“cost reimbursements”). Vacation Ownership segment cost reimbursements revenues exclude amounts that we have paid to the owners’ associations related to maintenance fees for unsold vacation ownership products, as we have concluded that such payments are consideration payable to a customer. Management fees are collected over time or upfront depending upon the specific management contract. Cost reimbursements are received over time and considered variable consideration. We have determined that a significant financing component does not exist as a substantial amount of the consideration promised by the customer is paid when the associated variable consideration is determined. We evaluated the nature of the management services provided and concluded that the management services constitute a series of distinct services to be accounted for as a single performance obligation transferred over time. We use an input method, the number of days that management services are provided, to recognize VO management fee revenues and Base management fee revenues, which is consistent with the pattern of transfer to the customers who receive and consume the benefits as services are provided each day. We recognize Incentive management fees as earned throughout the incentive period based on actual results, which is subject to estimation of the transaction price. Any consideration we receive in advance of services being rendered is recorded as Deferred revenue on our Balance Sheets and is recognized ratably across the service period to which it relates. We recognize variable consideration for Cost reimbursements revenues when the reimbursable costs are incurred. Other Services Revenues Other services revenues includes revenues from membership fees, club dues and additional fees for services we provide to customers. Membership fees and club dues are received in advance of providing access to the exchange services, are recorded as Deferred revenue on our Balance Sheets and are earned regardless of whether exchange services are provided. Generally, Interval International memberships are cancellable and refundable on a pro-rata basis, with the exception of the Interval International network’s Platinum tier which is non-refundable. Transaction-based fees are typically collected at a point in time. We have determined that exchange services constitute a stand-ready obligation for us to provide unlimited access to exchange services over a defined period of time, when and if a customer (or customer of a customer) requests. We have determined that customers benefit from the stand-ready obligation evenly throughout the period in which the customer has access to exchange services and as such, recognize membership fees and club dues on a straight-line basis over the related period of time. Transaction-based fees are recognized as revenue at the point in time at which the relevant goods or services are transferred to the customer. For transaction-based fees, we evaluate whether we control the underlying goods or services prior to delivery to the customer. Transaction-based fees from exchanges and other transactions in our Exchange & Third-Party Management segment are generally recognized when confirmation of the transaction is provided and services have been rendered. For transactions where we do not control the goods or services prior to delivery, the related revenue is recorded net of the related cost upon recognition. Financing Revenues We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten fifteen Financing revenues include transaction-based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered. Rental Revenues In our Vacation Ownership segment, we generate revenue from rentals of inventory that we hold for sale as interests in our vacation ownership programs, inventory that we control because our owners have elected alternative usage options permitted under our vacation ownership programs and rentals of owned-hotel properties. In our Exchange & Third-Party Management segment, we offer vacation rental opportunities for managed properties and to members of the Interval International network and certain other membership programs from seasonal oversupply or underutilized space, as well as sourced resort accommodations. We receive payments for rentals primarily through credit card charges. We generally recognize rental revenues when occupancy has occurred, which is consistent with the period in which the customer benefits from such service. For certain rental revenues associated with our Exchange & Third-Party Management segment, revenue is recognized when confirmation of the transaction is provided as we concluded we are an agent for these transactions. We recognize rental revenue from the utilization of plus points issued in connection with the sale of vacation ownership products, as described in “ Sale of Vacation Ownership Products ” above, when occupancy has occurred. We also generate revenues from vacation packages sold to our customers. The packages have an expiration period of six twenty-four Real Estate – Time-Sharing Activities .” Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In cases where the standalone selling price is not readily available, we generally determine the standalone selling prices utilizing the adjusted market approach, using prices from similar contracts, our historical pricing on similar contracts, our internal marketing and selling data and other internal and external inputs we deem to be appropriate. Significant judgment is required in determining the standalone selling price under the adjusted market approach. Receivables, Contract Assets & Contract Liabilities As discussed above, the payment terms and conditions in our customer contracts vary. In some cases, customers prepay for their goods and services; in other cases, after appropriate credit evaluations, payment is due in arrears. When the timing of our delivery of goods and services is different from the timing of the payments made by customers, we recognize either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance or when we have a right to consideration that is unconditional before the transfer of goods or services to a customer). Receivables are recorded when the right to consideration becomes unconditional. Contract liabilities are recognized as revenue as (or when) we perform under the contract. See Footnote 4 “Revenue and Receivables” for additional information related to our receivables, contract assets and contract liabilities.
Costs Incurred to Sell Vacation Ownership Products	Costs Incurred to Sell Vacation Ownership ProductsWe charge marketing and sales costs we incur to sell vacation ownership products to expense when incurred.
Earnings or Loss Per Share Attributable to Common Shareholders	Earnings or Loss Per Share Attributable to Common Shareholders Basic earnings or loss per share attributable to common shareholders is calculated by dividing the earnings or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share attributable to common shareholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per share attributable to common shareholders by application of the treasury stock method. Any potentially dilutive equity-based compensation awards are excluded from the calculation for periods when there is a net loss attributable to common shareholders to avoid anti-dilutive effects.
Business Combinations	Business Combinations We allocate the purchase price of an acquisition to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. We recognize as goodwill the amount by which the purchase price of an acquired entity exceeds the net of the fair values assigned to the assets acquired and liabilities assumed. In determining the fair values of assets acquired and liabilities assumed, we use various recognized valuation methods including the income, cost and market approaches. Further, we make assumptions within certain valuation techniques, including discount rates, royalty rates, and the amount and timing of future cash flows. We record the net assets and results of operations of an acquired entity in our Financial Statements from the acquisition date. We initially perform these valuations based upon preliminary estimates and assumptions by management or independent valuation specialists under our supervision, where appropriate, and make revisions as estimates and assumptions are finalized. We expense acquisition-related costs as we incur them. As part of our accounting for business combinations we are required to determine the useful lives of identifiable intangible assets recognized separately from goodwill. The useful life of an intangible asset is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the acquired business. An intangible asset with a finite useful life shall be amortized; an intangible asset with an indefinite useful life shall not be amortized. We base the estimate of the useful life of an intangible asset on an analysis of all pertinent factors, in particular, all of the following factors with no one factor being more presumptive than the other: • The expected use of the asset. • The expected useful life of another asset or a group of assets to which the useful life of the intangible asset may relate. • Any legal, regulatory, or contractual provisions that may limit the useful life. • Our own historical experience in renewing or extending similar arrangements, consistent with our intended use of the asset, regardless of whether those arrangements have explicit renewal or extension provisions. • The effects of obsolescence, demand, competition, and other economic factors. • The level of maintenance expenditures required to obtain the expected future cash flows from the asset. If no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of an intangible asset to the reporting entity, the useful life of the asset shall be considered to be indefinite. The term indefinite does not mean the same as infinite or indeterminate. The useful life of an intangible asset is indefinite if that life extends beyond the foreseeable horizon; that is, there is no foreseeable limit on the period of time over which it is expected to contribute to the cash flows of the acquired business. Although we believe the assumptions and estimates we have made have been reasonable and appropriate, they are based in part on historical experience and information obtained from the management of the acquired entity and are inherently uncertain. Examples of critical estimates in accounting for acquisitions include but are not limited to future expected cash flows from sales of products and services and related contracts and agreements and discount and long-term growth rates. Unanticipated events and circumstances may occur which could affect the accuracy or validity of our assumptions, estimates or actual results.
Variable Interest Entities	Variable Interest Entities We consolidate entities under our control, including VIEs where we are deemed to be the primary beneficiary. In accordance with the applicable accounting guidance for the consolidation of VIEs, we analyze our variable interests, including loans, guarantees and equity investments, to determine if an entity in which we have a variable interest is a VIE. Our analysis includes both quantitative and qualitative reviews. We base our quantitative analysis on the forecasted cash flows of the entity, and our qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analyses to determine if we must consolidate a VIE because we are its primary beneficiary.
Fair Value Measurements	Fair Value Measurements We have several financial instruments that we must measure at fair value on a recurring basis. See Footnote 7 “Financial Instruments” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities. The applicable accounting standards define fair value as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure fair value of our assets and liabilities using inputs from the following three levels of the fair value hierarchy: • Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. • Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). • Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid investments with an initial purchase maturity of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash restricted for use by consolidated owners’ associations which is designated for resort operations and other specific uses, such as reserves, cash held in a reserve account related to vacation ownership notes receivable securitizations, cash collected for maintenance fees to be remitted to owners’ associations, and deposits received and held in escrow, primarily associated with the sale of vacation ownership products.
Accounts Receivable	Accounts Receivable Accounts receivable are stated at amounts due from customers, principally resort developers, members and managed properties, net of a reserve for credit losses. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our credit loss reserve for accounts receivable by considering a number of factors, including previous loss history, our judgment as to the specific customer’s current ability to pay its obligation and the condition of the general economy. We write off accounts receivable when they become uncollectible once we have exhausted all means of collection. Accounts receivable is presented net of a reserve for credit losses of $14 million and $15 million at December 31, 2021 and December 31, 2020, respectively. Accounts receivable also includes interest receivable on vacation ownership notes receivable. Write-offs of interest receivable are recorded as a reversal of previously recorded interest income.
Vacation Ownership Notes Receivable Reserve for Credit Losses	Acquired Vacation Ownership Notes Receivable Reserve for Credit Losses As part of the ILG Acquisition, we acquired existing portfolios of vacation ownership notes receivable. At acquisition, we recorded these vacation ownership notes receivable at fair value. Upon adoption of ASU 2016-13 (as defined below) on January 1, 2020, we account for these acquired vacation ownership notes receivable using the purchased credit deteriorated assets provision of the current expected credit loss model, whereby we established a reserve for credit losses and a corresponding increase in the book value of the acquired vacation ownership notes receivable, resulting in no impact to the recorded balance. The estimates of the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses. Any changes in the reserve for credit losses are recorded as Financing expenses on our Income Statements. In addition, we established a noncredit discount of $2 million, which represented the difference between the amortized cost basis and the par value of our acquired vacation ownership notes receivable at January 1, 2020. The noncredit discount will be amortized to interest expense over the contractual life of the acquired vacation ownership notes receivable and is recorded as Financing expenses on our Income Statements. The vacation ownership notes receivable acquired as part of the Welk Acquisition were recorded at fair value using the purchased credit deteriorated assets provision of the current expected credit loss model, consistent with the principles outlined above.
Past Due and Defaulted	Past Due and Defaulted Although we consider loans to owners to be past due if we do not receive payment within 30 days of the due date, we suspend accrual of interest only on those loans that are over 90 days past due. For Legacy-MVW vacation ownership notes receivable, we consider loans over 150 days past due to be in default and fully reserve such amounts. For Legacy-ILG and Legacy-Welk vacation ownership notes receivable, we consider loans over 120 days past due to be in default and fully reserve such amounts. We apply payments we receive for vacation ownership notes receivable on non-accrual status first to interest, then to principal and any remainder to fees. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We do not accept payments for vacation ownership notes receivable during the foreclosure process unless the amount is sufficient to pay all past due principal, interest, fees and penalties owed and fully reinstate the note. We write off vacation ownership notes receivable against the reserve once we receive title to the vacation ownership products through the foreclosure or deed-in-lieu process or, in certain circumstances, when revocation is complete.
Inventory	Inventory Our inventory consists primarily of completed vacation ownership products. We carry our inventory at the lower of (1) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes plus other costs incurred during construction, or (2) estimated fair value, less costs to sell, which can result in impairment charges and/or recoveries of previous impairments. We account for vacation ownership inventory and cost of vacation ownership products in accordance with the authoritative guidance for accounting for real estate time-sharing transactions, which defines a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to the guidance for accounting for real estate time-sharing transactions, we do not reduce inventory for cost of vacation ownership products related to variable consideration which has not been included within the transaction price (accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable). These standards provide for changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-up activity, and are recorded in Cost of vacation ownership product expenses on the Income Statements to retrospectively adjust the margin previously recorded subject to those
Property and Equipment	Property and Equipment Property and equipment includes our sales centers, golf courses, information technology, including internally developed capitalized software, and other assets used in the normal course of business, as well as land held for future vacation ownership product development and undeveloped, and partially developed land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. In addition, fully developed vacation ownership interests are classified as property and equipment until they are registered and available for sale. We record property and equipment at cost, including interest and real estate taxes incurred during active development. We capitalize the cost of improvements that extend the useful life of property and equipment when incurred. We expense all repair and maintenance costs as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the assets ( three
Leases	Leases We account for leases in accordance with ASC Topic 842, “ Leases ” (“ASC 842”). We determine if an arrangement is or contains a lease at contract inception. Operating leases include lease arrangements for various land, corporate facilities, real estate and equipment. Corporate facilities leases are for office space, including our current corporate headquarters in Orlando, Florida. Other operating leases are primarily for office, off-site sales centers and retail space, as well as various equipment supporting our operations, with varying terms and renewal option periods. Finance leases include lease arrangements for ancillary and operations space. We also have a long-term finance lease for land underlying an operating hotel. In addition, we also lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets is limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
Impairment of Long-Lived Assets and Other Intangible Assets	Impairment of Long-Lived Assets and Other Intangible Assets We assess long-lived assets, including property and equipment, leases, and definite-lived intangible assets, for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, or significant negative industry or economic trends. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life.
Goodwill	Goodwill We perform an annual review for the potential impairment of the carrying value of goodwill in the fourth quarter, or more frequently if events or circumstances indicate a possible impairment. For purposes of evaluating goodwill for impairment, we have two reporting units, which are also our reportable operating segments. In evaluating goodwill for impairment, we may assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If we bypass the qualitative assessment, or if we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we perform a quantitative impairment test by comparing the fair value of a reporting unit with its carrying amount. Qualitative factors that we consider include, for example, macroeconomic and industry conditions, overall financial performance, and other relevant entity-specific events. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. We may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill. We calculate the estimated fair value of a reporting unit using a weighting of the income and market approaches. For the income approach, we use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues, expenses, and related cash flows based on assumed long-term growth rates and demand trends; expected future investments to grow new units; and estimated discount rates. For the market approach, we use internal analyses based primarily on market comparables. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations. See Footnote 11 “Goodwill” for additional information on our goodwill.
Convertible Senior Notes	Convertible Senior Notes In accounting for the 1.50% Convertible Senior Notes due 2022 (the “2022 Convertible Notes”) and the 0.00% Convertible Senior Notes due 2026 (the “2026 Convertible Notes”), referred to collectively as our “convertible notes,” we bifurcated the liability and equity components. The carrying amount of each liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying amount of each equity component representing the conversion option was determined by deducting the fair value of the liability component from the par value of the convertible notes. The excess of the principal amount of the liability over its carrying amount is amortized to interest expense over the term of the convertible notes using the effective interest method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the convertible notes, we allocated the total amount incurred to the liability and equity components based on their relative values. Issuance costs attributable to the liability component are amortized to interest expense over the term of the convertible notes, and issuance costs attributable to the equity component are included along with the equity component in additional paid-in capital within shareholders’ equity. See Footnote 16 “Debt” for more information on our convertible notes and also see Future Adoption of Accounting Standards below for information on the adoption of future accounting standards that will impact the accounting for our convertible notes.
Derivative Instruments	Derivative Instruments We record derivatives at fair value. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument in our Financial Statements. A derivative qualifies for hedge accounting if we expect it to be highly effective in offsetting the underlying hedged exposure and we fulfill the hedge documentation requirements. We may designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. If a qualifying hedge is deemed effective, we record changes in fair value in other comprehensive income. We assess the effectiveness of our hedging instruments quarterly, recognize current period hedge ineffectiveness immediately in earnings, and discontinue hedge accounting for any hedge that we no longer consider to be highly effective. We recognize changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. We are exposed to market risk from changes in interest rates, currency exchange rates and debt prices. We manage our exposure to these risks by monitoring available financing alternatives, through pricing policies that may take into account currency exchange rates, and by entering into derivative arrangements. As a matter of policy, we only enter into transactions that we believe will be highly effective at offsetting the underlying risk, and we do not use derivatives for trading or speculative purposes.
Loss Contingencies	Loss Contingencies We are subject to various legal proceedings and claims in the normal course of business, the outcomes of which are subject to significant uncertainty. We record an accrual for loss contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances.
Defined Contribution Plan	Defined Contribution Plan We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees. We recognized compensation expense (net of cost reimbursements from owners’ associations) for our participating employees totaling $19 million in 2021, $12 million in 2020 and $19 million in 2019.
Deferred Compensation Plan	Deferred Compensation Plan Certain members of our senior management have the opportunity to participate in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”), which we maintain and administer. Under both the Deferred Compensation Plan and the Marriott International EDC (as defined below) participating employees are able to defer payment and income taxation of a portion of their salary and bonus. It also provides participants with the opportunity for long-term capital appreciation by crediting their accounts with notional earnings. Prior to the spin-off of MVW from Marriott International (the “Marriott Spin-Off”), certain members of our senior management had the opportunity to participate in the Marriott International, Inc. Executive Deferred Compensation Plan (the “Marriott International EDC”), which Marriott International maintains and administers. Subsequent to the Marriott Spin-Off, we remain liable to reimburse Marriott International for distributions to participants that were employees of Marriott Vacations Worldwide at the time of the Marriott Spin-Off including earnings thereon. To support our ability to meet a portion of our obligations under the Deferred Compensation Plan, we acquired company owned insurance policies (the “COLI policies”) on the lives of certain participants in the Deferred Compensation Plan, the proceeds of which are intended to be aligned with the investment alternatives elected by plan participants and are payable to a rabbi trust with the Company as grantor. For both 2021 and 2020, participants were able to select a rate of return based on market-based investment alternatives for up to 100% of their contributions and existing balances, with one of those options being a fixed rate of return of 3.5%. We consolidate the liabilities of the Deferred Compensation Plan and the related assets, which consist of the COLI policies held in the rabbi trust. The rabbi trust is considered a VIE. We are considered the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust. At December 31, 2021, the value of the assets held in the rabbi trust was $76 million, which is included in the Other line within assets on our Balance Sheets.
Share-Based Compensation Costs	Share-Based Compensation Costs During the second quarter of 2020, our shareholders approved the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”), which supersedes both the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan and the Interval Leisure Group, Inc. 2013 Stock and Incentive Plan (collectively, the “Prior Plans”). No new awards will be granted under the Prior Plans and all awards that were granted under the Prior Plans will remain outstanding and continue to be governed by the Prior Plans. The MVW Equity Plan was established in order to compensate our employees and directors by granting them equity awards such as restricted stock units (“RSUs”), stock appreciation rights (“SARs”) and stock options. We follow the provisions of ASC Topic 718, “ Compensation—Stock Compensation, ” which requires that a company measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, share-based awards granted to our employees, other than RSUs with performance vesting conditions, vest ratably over a four-year period. For share-based awards with service-only vesting conditions, we record compensation expense on a straight-line basis over the requisite service period. For RSUs with performance vesting conditions, the number of RSUs earned, if any, is determined following the end of a performance period (typically three years) based upon the cumulative achievement over that period of specific quantitative operating financial measures and we recognize compensation expense once it is probable that the corresponding performance condition will be achieved. SARs awarded under the MVW Equity Plan are granted at exercise prices or strike prices equal to the market price of our common stock on the date of grant (this price is referred to as the “base value”). SARs generally expire ten years after the date of grant and both vest and become exercisable in cumulative installments of one quarter of the grant at the end of each of the first four years following the date of grant. Upon exercise of SARs, our employees and non-employee directors receive a number of shares of our common stock equal to the number of SARs being exercised, multiplied by the quotient of (a) the market price of the common stock on the date of exercise (this price is referred to as the “final value”) minus the base value, divided by (b) the final value. We recognize the expense associated with these awards on our Income Statements based on the fair value of the awards as of the date that the share-based awards are granted and adjust that expense to the estimated number of awards that we expect will vest or be earned. The fair value of RSUs represents the number of awards granted multiplied by the average of the high and low market price of our common stock on the date the awards are granted reduced by the present value of the dividends expected to be paid on the shares during the vesting period, discounted at a risk-free interest rate. We generally determine the fair value of SARs using the Black-Scholes option valuation model which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. We will issue shares from authorized shares upon the exercise of SARs or stock options held by our employees and directors. For share-based awards granted to non-employee directors, we recognize compensation expense on the grant date based on the fair value of the awards as of that date. See Footnote 18 “Share-Based Compensation” for more information on the MVW Equity Plan.
Non-U.S. Operations	Non-U.S. Operations The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency for our consolidated entities operating outside of the United States is generally the currency of the economic environment in which the entity primarily generates and expends cash. For consolidated entities whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate Income Statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of equity. We report gains and losses from currency exchange rate changes related to intercompany receivables and payables that are not of a long-term investment nature, as well as gains and losses from non-U.S. currency transactions, in the (Losses) gains and other (expense) income, net line on our Income Statements.
Income Taxes	Income Taxes We file income tax returns, including with respect to our subsidiaries, in various jurisdictions around the world. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of deferred tax liabilities or the valuations of deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates. We record a valuation allowance on deferred taxes if we determine it is more likely than not that we will not fully realize the future benefit of deferred tax assets. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which impacts the provision for income taxes. We file tax returns after the close of our fiscal year end and adjust our estimated tax receivable or liability to the actual tax receivable or due per the filed tax returns. Historically, we have not experienced significant differences between our estimates of provision for income tax and actual amounts incurred, excluding one-time tax method changes approved by the Internal Revenue Service (the “IRS”) after our financial statements were filed. For purposes of Global Intangible Low-Taxed Income, we have elected to use the period cost method and therefore have not recorded deferred taxes for basis differences expected to reverse in future periods. For tax positions we have taken, or expect to take, in a tax return we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to continue to recognize the benefit.
New Accounting Standards And Future Adoption of Accounting Standards	New Accounting Standards Accounting Standards Update 2019-12 – “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) In the first quarter of 2021, we adopted accounting standards update (“ASU”) 2019-12, which amended and simplified existing guidance in an effort to reduce the complexity of accounting for income taxes while maintaining or enhancing the helpfulness of information provided to financial statement users. Our adoption of ASU 2019-12 did not have a material impact on our Financial Statements or disclosures. Future Adoption of Accounting Standards Accounting Standards Update 2020-04 – “ Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting ” (“ASU 2020-04”) In March 2020, the FASB issued ASU 2020-04, as amended, which provides optional expedients and exceptions to existing guidance on contract modifications and hedge accounting in an effort to ease the financial reporting burdens related to the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates. This update can be adopted no later than December 1, 2022, with early adoption permitted. As of December 31, 2021, borrowings under our existing Corporate Credit Facility (as defined in Footnote 16 “Debt”) and Warehouse Credit Facility (as defined in Footnote 15 “Securitized Debt”) generally reference LIBOR, as do certain interest rate swaps and collars. The instruments have not yet discontinued the use of LIBOR. To the extent these instruments are amended to reference a different benchmark interest rate, we may elect to utilize the relief available in ASU 2020-04. When we renew or amend our existing debt instruments, we will determine a replacement rate for LIBOR. We expect to adopt ASU 2020-04 in fiscal year 2022 and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 2020-06 – “ Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”) In August 2020, the FASB issued ASU 2020-06, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for convertible instruments and to provide financial statement users with more meaningful information. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein. This update may be applied retrospectively or on a modified retrospective basis with the cumulative effect recognized as an adjustment to the opening balance of retained earnings on the date of adoption. We will adopt ASU 2020-06 on January 1, 2022 using the modified retrospective method. The impacts of the adoption will be recorded as a cumulative effect in the opening balance of retained earnings and the conversion feature related to our convertible notes will be reclassified from equity to liabilities. In addition, we will eliminate the related equity adjustment associated with the deferred tax liability. Commencing in the first quarter of 2022, we will be required to calculate the impact of the convertible notes on diluted earnings per share under the “if-converted” method. Under the “if-converted” method, diluted earnings per share would generally be calculated assuming that all of our convertible notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The application of the “if-converted” method is expected to reduce our reported diluted earnings per share. The adoption of ASU 2020-06 on January 1, 2022 will result in an increase in debt of $107 million, a decrease in additional paid-in capital of $111 million, and a decrease in deferred taxes of $27 million, as well as a cumulative effect adjustment to the opening balance of retained earnings of $31 million. Accounting Standards Update 2021-08 – “ Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”) In October 2021, the FASB issued ASU 2021-08, which amends ASC 805 to require entities to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers in a business combination. ASU 2021-08 is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods therein, with early adoption permitted. ASU 2021-08 shall be applied on a prospective basis to business combinations that occur on or after the adoption date. We expect to early adopt ASU 2021-08 on January 1, 2022 and we anticipate that the adoption of this ASU will not impact our financial statements and disclosure. In the event that we complete business combinations in the future, the application of ASU 2021-08 could result in higher acquired deferred revenue.

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Consideration transferred	The following table presents the fair value of each type of consideration transferred in the Welk Acquisition at December 31, 2021. (in millions, except per share amounts) Equivalent shares of Marriott Vacations Worldwide common stock issued 1.4 Marriott Vacations Worldwide common stock price per share as of Welk Acquisition Date $ 174.18 Fair value of Marriott Vacations Worldwide common stock issued 248 Cash consideration to Welk, net of cash and restricted cash acquired of $48 million 157 Total consideration transferred, net of cash and restricted cash acquired $ 405
Schedule of recognized identified assets acquired and liabilities assumed	($ in millions) April 1, 2021 Adjustments April 1, 2021 Vacation ownership notes receivable, net (1) $ 254 $ 1 $ 255 Inventory (2) 136 (25) 111 Property and equipment 111 (28) 83 Intangible assets (3) 100 2 102 Other assets 19 — 19 Deferred taxes (45) 13 (32) Debt (189) — (189) Securitized debt (184) — (184) Other liabilities (66) (27) (93) Net assets acquired 136 (64) 72 Goodwill (4) 269 64 333 $ 405 $ — $ 405 _________________________ (1) Vacation ownership notes receivable, net has been determined to constitute purchased credit deteriorated assets under the provisions of ASC Topic 326, “ Financial Instruments - Credit Losses ,” due to the impact of the COVID-19 pandemic on the Welk business and the vacation ownership industry as a whole, and has been accounted for as such. We valued the vacation ownership notes receivable using an income approach, which includes the following significant Level 3 assumptions: default rates, prepayment rates, discount rate and fair value of collateral retained upon customer default. ($ in millions) Vacation ownership notes receivable $ 287 Allowance for credit losses (32) Vacation ownership notes receivable, net $ 255 (2) Inventory consists of completed unsold VOIs. We valued inventory using an income approach, which includes significant Level 3 assumptions, such as estimates of future income growth, marketing and sales costs and discount rates. (3) Intangible assets consist of management contracts with an estimated 20 year useful life. We valued management contracts using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. This valuation approach utilizes the following Level 3 inputs: future income growth, future cost estimates and discount rate. (4) Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired. It represents the value that we expect to obtain from growth opportunities from our combined operations and is not deductible for tax purposes.
Business acquisition, pro forma information	Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Welk Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations. There were no Welk acquisition-related costs included in the unaudited pro forma results below for 2021, and $19 million included for 2020. ($ in millions, except per share data) 2021 2020 Revenues $ 3,894 $ 3,011 Net income (loss) $ 67 $ (272) Net income (loss) attributable to common shareholders $ 66 $ (291) EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic $ 1.56 $ (7.04) Diluted $ 1.53 $ (7.04) Welk Results of Operations The following table presents the results of Welk operations included in our Income Statement for 2021. ($ in millions) 2021 Revenue $ 146 Net income $ 17

REVENUE AND RECEIVABLES (Tables

REVENUE AND RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Sources of Revenue by Segment The following tables detail the sources of revenue by segment for each of the last three fiscal years. 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,153 $ — $ — $ 1,153 Ancillary revenues 188 3 — 191 Management fee revenues 158 32 (19) 171 Exchange and other services revenues 124 198 171 493 Management and exchange 470 233 152 855 Rental 446 40 — 486 Cost reimbursements 1,202 47 (121) 1,128 Revenue from contracts with customers 3,271 320 31 3,622 Financing 268 — — 268 Total Revenues $ 3,539 $ 320 $ 31 $ 3,890 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 546 $ — $ — $ 546 Ancillary revenues 89 1 — 90 Management fee revenues 149 17 (22) 144 Exchange and other services revenues 118 193 210 521 Management and exchange 356 211 188 755 Rental 239 37 — 276 Cost reimbursements 1,124 59 (141) 1,042 Revenue from contracts with customers 2,265 307 47 2,619 Financing 265 2 — 267 Total Revenues $ 2,530 $ 309 $ 47 $ 2,886 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,354 $ — $ — $ 1,354 Ancillary revenues 224 4 — 228 Management fee revenues 144 46 (13) 177 Exchange and other services revenues 120 248 176 544 Management and exchange 488 298 163 949 Rental 512 61 — 573 Cost reimbursements 1,136 91 (119) 1,108 Revenue from contracts with customers 3,490 450 44 3,984 Financing 271 4 — 275 Total Revenues $ 3,761 $ 454 $ 44 $ 4,259
Revenue remaining performance obligation	Timing of Revenue from Contracts with Customers by Segment The following tables detail the timing of revenue from contracts with customers by segment for each of the last three fiscal years. 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,915 $ 154 $ 31 $ 2,100 Goods or services transferred at a point in time 1,356 166 — 1,522 Revenue from contracts with customers $ 3,271 $ 320 $ 31 $ 3,622 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,616 $ 156 $ 47 $ 1,819 Goods or services transferred at a point in time 649 151 — 800 Revenue from contracts with customers $ 2,265 $ 307 $ 47 $ 2,619 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,896 $ 194 $ 44 $ 2,134 Goods or services transferred at a point in time 1,594 256 — 1,850 Revenue from contracts with customers $ 3,490 $ 450 $ 44 $ 3,984
Contract with customer, asset and liability	The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either December 31, 2021 or December 31, 2020. ($ in millions) At December 31, 2021 At December 31, 2020 Receivables Accounts receivable $ 172 $ 150 Vacation ownership notes receivable, net 2,045 1,840 $ 2,217 $ 1,990 Contract Liabilities Advance deposits $ 160 $ 147 Deferred revenue 453 488 $ 613 $ 635
Accounts and nontrade receivable	The following table shows the composition of our accounts receivable balances: ($ in millions) At December 31, 2021 At December 31, 2020 Receivables from contracts with customers $ 172 $ 150 Interest receivable 14 13 Tax receivable 48 60 Indemnification asset 22 15 Employee tax credit receivable 19 19 Other 4 19 $ 279 $ 276

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Earnings or losses before income taxes by geographic region	The following table presents the components of our earnings or losses before income taxes for the last three fiscal years: ($ in millions) 2021 2020 2019 United States $ 152 $ (255) $ 190 Non-U.S. jurisdictions (25) (85) 35 $ 127 $ (340) $ 225
Provision for or benefit from income taxes	Our (provision for) or benefit from income taxes for the last three years consisted of: ($ in millions) 2021 2020 2019 Current – U.S. Federal $ 8 $ 31 $ (12) – U.S. State (3) 1 (29) – Non-U.S. (50) 11 (36) (45) 43 (77) Deferred – U.S. Federal (36) 26 (28) – U.S. State 3 9 17 – Non-U.S. 4 6 5 (29) 41 (6) $ (74) $ 84 $ (83)
Reconciliation of US statutory income tax rate to our effective income tax rate	The following table reconciles the U.S. statutory income tax rate to our effective income tax rate: 2021 2020 2019 U.S. statutory income tax rate 21.0% 21.0% 21.0% U.S. state income taxes, net of U.S. federal tax benefit 4.3 4.5 4.2 Share-based compensation, net of Section 162(m) limitation 1.9 0.2 0.7 Other permanent differences (1) (5.5) (9.1) 5.4 Impact related to the CARES Act of 2020 — 6.0 — Tax rate changes (3.8) 0.4 (0.3) Non-U.S. income (loss) (2) 12.9 4.2 2.2 Tax credits (0.9) 0.2 (6.6) Unrecognized tax benefits 17.9 5.2 3.1 Change in valuation allowance (3) 10.4 (7.5) 7.0 Other items 0.2 (0.5) 0.2 Effective rate 58.4% 24.6% 36.9% _________________________ (1) The 2021 impact is primarily due to the deduction of foreign taxes paid in the U.S. The 2020 impact is primarily attributable to non-deductible goodwill impairment recorded due to the impact of COVID-19. The 2019 impact is primarily due to non-deductible meal and entertainment expenses and new foreign tax provisions, under provisions of the Tax Cuts and Jobs Act of 2017. (2) The 2021 impact is primarily due to increases in permanent differences in foreign jurisdictions. The 2020 and 2019 impact is attributable to the difference between U.S. and foreign income tax rates and other foreign adjustments. (3) The 2021 impact is primarily due to new valuation allowances. The 2020 impact is primarily attributable to the increase of the valuation allowance on certain foreign entities. The 2019 impact is primarily attributable to foreign tax credit carryforwards in the branch and treaty baskets and losses and future deductions in foreign tax credit carryforwards in the branch and treaty baskets.
Components of deferred tax assets and liabilities	The following table presents the significant components of our deferred tax assets and liabilities: ($ in millions) At Year-End 2021 At Year-End 2020 Deferred Tax Assets Inventory $ 69 $ 83 Reserves 75 98 Deferred revenue 20 12 Property and equipment 61 72 Net operating loss and capital loss carryforwards 146 98 Tax credits 29 31 Right-of-use asset 24 2 Other, net 74 113 Deferred tax assets 498 509 Less valuation allowance (122) (106) Net deferred tax assets 376 403 Deferred Tax Liabilities Long lived intangible assets (231) (233) Deferred sales of vacation ownership interests (414) (362) Right-of-use liability (24) (2) Other, net (9) (43) Deferred tax liabilities (678) (640) Total net deferred tax liabilities $ (302) $ (237)
Schedule of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and penalties) is as follows: ($ in millions) 2021 2020 2019 Unrecognized tax benefit at beginning of year $ 14 $ 21 $ 2 Increases related to tax positions taken during a prior period 12 6 18 Increases related to tax positions taken during the current period 1 2 1 Decreases related to settlements with taxing authorities — (14) — Decreases as a result of a lapse of the applicable statute of limitations (1) (1) — Unrecognized tax benefit at end of year $ 26 $ 14 $ 21

VACATION OWNERSHIP NOTES RECE_2

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Composition of vacation ownership notes receivable balances, net of reserves	The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. December 31, 2021 December 31, 2020 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,308 $ 354 $ 1,662 $ 1,220 $ 273 $ 1,493 Non-securitized Eligible for securitization (1) 96 1 97 126 2 128 Not eligible for securitization (1) 267 19 286 185 34 219 Subtotal 363 20 383 311 36 347 $ 1,671 $ 374 $ 2,045 $ 1,531 $ 309 $ 1,840 _________________________ (1) Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.
Interest income associated with vacation ownership notes receivable	The following table summarizes interest income associated with vacation ownership notes receivable. ($ in millions) 2021 2020 2019 Interest income associated with vacation ownership notes receivable — securitized $ 219 $ 239 $ 232 Interest income associated with vacation ownership notes receivable — non-securitized 40 18 32 Total interest income associated with vacation ownership notes receivable $ 259 $ 257 $ 264
Financing receivable, nonaccrual	The following table shows our recorded investment in non-accrual Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 88 $ 8 $ 96 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 100 $ 14 $ 114 The following table shows our recorded investment in non-accrual Legacy-ILG and Legacy-Welk vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 114 $ 10 $ 124 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 109 $ 12 $ 121
Aging of recorded investment in principal, before reserves, in vacation ownership notes receivable	The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of December 31, 2021 and December 31, 2020. Legacy-MVW Vacation Ownership Notes Receivable As of December 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 6 $ 20 $ 26 $ 8 $ 25 $ 33 91 – 150 days past due 4 8 12 5 14 19 Greater than 150 days past due 84 — 84 95 — 95 Total past due 94 28 122 108 39 147 Current 180 1,027 1,207 231 1,011 1,242 Total vacation ownership notes receivable $ 274 $ 1,055 $ 1,329 $ 339 $ 1,050 $ 1,389 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG and Legacy-Welk vacation ownership notes receivable as of December 31, 2021 and December 31, 2020. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable As of December 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 16 $ 24 $ 40 $ 8 $ 19 $ 27 91 – 120 days past due 4 6 10 2 7 9 Greater than 120 days past due 110 4 114 107 5 112 Total past due 130 34 164 117 31 148 Current 219 735 954 123 550 673 Total vacation ownership notes receivable $ 349 $ 769 $ 1,118 $ 240 $ 581 $ 821
Schedule of financing receivable	The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of December 31, 2021 . Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Year of Origination 2021 $ 129 $ 274 $ 403 2020 20 165 185 2019 46 250 296 2018 29 161 190 2017 15 96 111 2016 & Prior 35 109 144 $ 274 $ 1,055 $ 1,329
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable	The following table shows future contractual principal payments, net of reserves, and interest rates for our acquired vacation ownership notes receivable at December 31, 2021. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022 $ 2 $ 50 $ 52 2023 2 51 53 2024 2 50 52 2025 2 47 49 2026 2 42 44 Thereafter 10 114 124 Balance at December 31, 2021 $ 20 $ 354 $ 374 Weighted average stated interest rate 13.7% 14.1% 14.1% Range of stated interest rates 0.0% to 21.9% 0.0% to 21.9% 0.0% to 21.9%
Notes receivable reserves	The following table summarizes the activity related to our acquired vacation ownership notes receivable reserve. Acquired Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2019, as reported $ — $ — $ — Impact of adoption of ASU 2016-13 29 26 55 Opening Balance at January 1, 2020 29 26 55 Securitizations (1) 1 — Clean-up call 1 (1) — Write-offs (18) — (18) Recoveries 9 — 9 Defaulted vacation ownership notes receivable repurchase activity (1) 17 (17) — Increase in vacation ownership notes receivable reserve (2) 2 12 14 Balance at December 31, 2020 39 21 60 Securitizations (9) 9 — Clean-up call 3 (3) — Write-offs (49) — (49) Recoveries 27 — 27 Defaulted vacation ownership notes receivable repurchase activity (1) 32 (32) — Initial allowance for credit losses for Legacy-Welk vacation ownership notes receivable 11 21 32 (Decrease) increase in vacation ownership notes receivable reserve (7) 7 — Balance at December 31, 2021 $ 47 $ 23 $ 70 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable. (2) Increase in vacation ownership notes receivable reserve includes $10 million ($8 million non-securitized and $2 million securitized) attributable to the increased reserve as a result of the COVID-19 pandemic.
Financing receivable credit quality indicators	The following tables show the Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable, before reserves, by brand and FICO score. Acquired Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 52 $ 32 $ 3 $ 8 $ 95 Sheraton 54 48 8 23 133 Hyatt 8 6 1 — 15 Welk 115 79 1 2 197 Other 2 — — 2 4 $ 231 $ 165 $ 13 $ 35 $ 444 Acquired Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 81 $ 48 $ 4 $ 11 $ 144 Sheraton 81 73 13 31 198 Hyatt 12 9 1 — 22 Other 2 1 — 2 5 $ 176 $ 131 $ 18 $ 44 $ 369 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable by brand and FICO score as of December 31, 2021 . Acquired Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ — $ — $ — $ 14 $ 38 $ 52 600 - 699 — — — 8 24 32 < 600 — — — 2 1 3 No Score — — — 2 6 8 $ — $ — $ — $ 26 $ 69 $ 95 Acquired Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ — $ — $ — $ 16 $ 38 $ 54 600 - 699 — — — 12 36 48 < 600 — — — 5 3 8 No Score — — — 7 16 23 $ — $ — $ — $ 40 $ 93 $ 133 Acquired Vacation Ownership Notes Receivable - Hyatt and Other ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ — $ — $ — $ 2 $ 8 $ 10 600 - 699 — — — 2 4 6 < 600 — — — — 1 1 No Score — — — — 2 2 $ — $ — $ — $ 4 $ 15 $ 19 Acquired Vacation Ownership Notes Receivable - Welk ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 9 $ 24 $ 30 $ 20 $ 32 $ 115 600 - 699 5 15 21 13 25 79 < 600 — 1 — — — 1 No Score — — 1 — 1 2 $ 14 $ 40 $ 52 $ 33 $ 58 $ 197
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable	The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at December 31, 2021. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022 $ 48 $ 127 $ 175 2023 28 130 158 2024 28 132 160 2025 28 134 162 2026 29 139 168 Thereafter 202 646 848 Balance at December 31, 2021 $ 363 $ 1,308 $ 1,671 Weighted average stated interest rate 12.9% 12.9% 12.9% Range of stated interest rates 0.0% to 20.9% 0.0% to 19.9% 0.0% to 20.9%
Notes receivable reserves	The following table summarizes the activity related to our originated vacation ownership notes receivable reserve. Originated Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2018 61 79 140 Increase in vacation ownership notes receivable reserve 94 18 112 Securitizations (81) 81 — Clean-up call 24 (24) — Write-offs (48) — (48) Defaulted vacation ownership notes receivable repurchase activity (1) 40 (40) — Balance at December 31, 2019 90 114 204 Increase in vacation ownership notes receivable reserve (2) 87 50 137 Securitizations (70) 70 — Clean-up call 37 (37) — Write-offs (31) — (31) Defaulted vacation ownership notes receivable repurchase activity (1) 80 (80) — Balance at December 31, 2020 193 117 310 Increase in vacation ownership notes receivable reserve 78 24 102 Securitizations (76) 76 — Clean-up call 12 (12) — Write-offs (79) — (79) Defaulted vacation ownership notes receivable repurchase activity (1) 65 (65) — Balance at December 31, 2021 $ 193 $ 140 $ 333 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable. (2) Increase in vacation ownership notes receivable reserve includes $59 million ($32 million non-securitized and $27 million securitized) attributable to the increased reserve as a result of the COVID-19 pandemic.
Financing receivable credit quality indicators	The following tables show the Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable, before reserves, by brand and FICO score. Originated Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 143 $ 66 $ 8 $ 34 $ 251 Sheraton 136 94 20 46 296 Hyatt 22 11 — — 33 Welk 65 27 1 1 94 $ 366 $ 198 $ 29 $ 81 $ 674 Originated Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 109 $ 52 $ 6 $ 23 $ 190 Sheraton 106 72 16 43 237 Hyatt 16 8 — — 24 $ 231 $ 132 $ 22 $ 66 $ 451 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable by brand and FICO score as of December 31, 2021. Originated Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 72 $ 22 $ 41 $ 8 $ — $ 143 600 - 699 30 10 22 4 — 66 < 600 3 2 3 — — 8 No Score 20 5 8 1 — 34 $ 125 $ 39 $ 74 $ 13 $ — $ 251 Originated Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 65 $ 23 $ 38 $ 10 $ — $ 136 600 - 699 43 16 27 8 — 94 < 600 9 4 6 1 — 20 No Score 12 9 21 4 — 46 $ 129 $ 52 $ 92 $ 23 $ — $ 296 Originated Vacation Ownership Notes Receivable - Hyatt ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 12 $ 3 $ 6 $ 1 $ — $ 22 600 - 699 5 2 3 1 — 11 < 600 — — — — — — No Score — — — — — — $ 17 $ 5 $ 9 $ 2 $ — $ 33 Originated Vacation Ownership Notes Receivable - Welk ($ in millions) 2021 2020 2019 2018 2017 & Prior Total 700 + $ 65 $ — $ — $ — $ — $ 65 600 - 699 $ 27 — — — — 27 < 600 $ 1 — — — — 1 No Score $ 1 — — — — 1 $ 94 $ — $ — $ — $ — $ 94

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Carrying values and estimated fair values of financial assets and liabilities	The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts receivable, deposits included in Other assets, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. At December 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable $ 2,045 $ 2,102 $ 1,840 $ 1,886 Other assets 76 76 60 60 Total financial assets $ 2,121 $ 2,178 $ 1,900 $ 1,946 Securitized debt, net $ (1,856) $ (1,900) $ (1,588) $ (1,653) 2025 Notes, net (248) (261) (494) (533) 2026 Notes, net — — (744) (784) 2028 Notes, net (346) (362) (346) (359) 2029 Notes, net (493) (505) — — Term Loan, net (776) (784) (873) (864) 2022 Convertible notes, net (224) (280) (215) (262) 2026 Convertible notes, net (461) (682) — — Total financial liabilities $ (4,404) $ (4,774) $ (4,260) $ (4,455) Vacation Ownership Notes Receivable At December 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable Securitized $ 1,662 $ 1,712 $ 1,493 $ 1,530 Eligible for securitization 97 104 128 137 Not eligible for securitization 286 286 219 219 Non-securitized 383 390 347 356 $ 2,045 $ 2,102 $ 1,840 $ 1,886

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of earnings and number of shares used in calculation of basic and diluted earnings or loss per share	The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic and diluted earnings or loss per share attributable to common shareholders. (in millions, except per share amounts) 2021 (1) 2020 2019 (1) Computation of Basic Earnings or Loss Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 49 $ (275) $ 138 Shares for basic earnings (loss) per share 42.5 41.3 43.9 Basic earnings (loss) per share $ 1.15 $ (6.65) $ 3.13 Computation of Diluted Earnings or Loss Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 49 $ (275) $ 138 Shares for basic earnings (loss) per share 42.5 41.3 43.9 Effect of dilutive shares outstanding (2) Employee SARs 0.2 — 0.3 Restricted stock units 0.5 — 0.3 2022 Convertible Notes 0.1 — — Shares for diluted earnings (loss) per share 43.3 41.3 44.5 Diluted earnings (loss) per share $ 1.13 $ (6.65) $ 3.09 _________________________ (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 166,000 and 345,000 shares of common stock, the maximum number of shares issuable as of December 31, 2021 and December 31, 2019, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period. (2) For 2020, the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the periods presented, as the effects of including these securities would have been anti-dilutive. (in millions) 2020 Employee SARs 0.1 Restricted stock units 0.3 0.4
Schedule of antidilutive securities excluded from computation of earnings per share	the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the periods presented, as the effects of including these securities would have been anti-dilutive. (in millions) 2020 Employee SARs 0.1 Restricted stock units 0.3 0.4

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Composition of inventory	The following table shows the composition of our inventory balances: ($ in millions) At Year-End 2021 At Year-End 2020 Real estate inventory (1) 710 749 Other 9 10 $ 719 $ 759 _________________________ (1) Represents completed inventory that is available and registered for sale as vacation ownership interests and vacation ownership inventory expected to be acquired pursuant to estimated future foreclosures.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Composition of property and equipment	The following table details the composition of our property and equipment balances: ($ in millions) At Year-End 2021 At Year-End 2020 Land and land improvements $ 441 $ 285 Buildings and leasehold improvements 697 482 Furniture, fixtures and other equipment 136 95 Information technology 413 322 Construction in progress 37 68 1,724 1,252 Accumulated depreciation (588) (461) $ 1,136 $ 791

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table details the carrying amount of our goodwill at December 31, 2021 and December 31, 2020, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition. ($ in millions) Vacation Ownership Segment Exchange & Third-Party Management Segment Total Consolidated Balance at December 31, 2019 $ 2,445 $ 447 $ 2,892 Impairment — (73) (73) Foreign exchange adjustments — (2) (2) Balance at December 31, 2020 2,445 372 2,817 Welk Acquisition 299 — 299 Measurement period adjustments 34 — 34 Balance at December, 2021 $ 2,778 $ 372 $ 3,150 2021

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of composition of intangible asset balances	The following table details the composition of our intangible asset balances: ($ in millions) 2021 2020 Definite-lived intangible assets Member relationships $ 671 $ 671 Management contracts 452 351 1,123 1,022 Accumulated amortization (194) (134) 929 888 Indefinite-lived intangible assets Trade names 64 64 $ 993 $ 952
Schedule of indefinite-lived intangible assets	The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment. ($ in millions) Trade Names Balance at December 31, 2019 $ 82 Impairment (18) Balance at December 31, 2020 64 Impairment — Balance at December 31, 2021 $ 64

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Carrying values of leases and classification on Balance Sheet	The following table presents the carrying values of our leases and the classification on our Balance Sheet. ($ in millions) Balance Sheet Classification At December 31, 2021 At December 31, 2020 Operating lease assets Other assets $ 96 $ 131 Finance lease assets Property and equipment 89 8 $ 185 $ 139 Operating lease liabilities Accrued liabilities $ 108 $ 138 Finance lease liabilities Debt 83 8 $ 191 $ 146
Lease, Cost	The following table presents the lease costs and the classification on our Income Statements for the years ended December 31, 2021 and December 31, 2020. ($ in millions) Income Statement Classification 2021 2020 Operating lease cost Marketing and sales expense $ 35 $ 36 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 5 5 Interest on lease liabilities Financing expense 1 1 Variable lease cost Marketing and sales expense 2 2 $ 43 $ 44 The following table presents additional information about our lease obligations. At December 31, 2021 At December 31, 2020 Weighted-average remaining lease term Operating leases 6.4 years 19.1 years Finance leases 53.7 years 3.0 years Weighted-average discount rate Operating leases 5.8% 5.8% Finance leases 5.3% 3.9% Other Information The following table presents supplemental cash flow information for 2021 and 2020. ($ in millions) 2021 2020 Cash paid for amounts included in measurement of lease liabilities Operating cash flows for finance leases $ 1 $ 1 Operating cash flows for operating leases $ 34 $ 41 Financing cash flows for finance leases $ 5 $ 11 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 7 $ 27 Finance leases (1) $ 86 $ 7 _________________________ (1) Includes the reclassification of certain lease components from operating lease to finance lease classification, attributable to the amendment of an existing lease.
Lessee, Operating Lease, Liability, Maturity	The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2021. ($ in millions) Operating Leases Finance Leases Total 2022 $ 25 $ 7 $ 32 2023 23 5 28 2024 20 4 24 2025 18 4 22 2026 16 4 20 Thereafter 25 259 284 Total lease payments 127 283 410 Less: Imputed interest (19) (200) (219) $ 108 $ 83 $ 191
Finance Lease, Liability, Fiscal Year Maturity	The following table presents the maturity of our operating and financing lease liabilities as of December 31, 2021. ($ in millions) Operating Leases Finance Leases Total 2022 $ 25 $ 7 $ 32 2023 23 5 28 2024 20 4 24 2025 18 4 22 2026 16 4 20 Thereafter 25 259 284 Total lease payments 127 283 410 Less: Imputed interest (19) (200) (219) $ 108 $ 83 $ 191

SECURITIZED DEBT (Tables)

SECURITIZED DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of securitized vacation ownership debt	The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs. ($ in millions) At December 31, 2021 At December 31, 2020 Vacation ownership notes receivable securitizations, gross (1) $ 1,877 $ 1,604 Unamortized debt discount and issuance costs (21) (16) $ 1,856 $ 1,588 _________________________ (1) Interest rates as of December 31, 2021 range from 1.5% to 4.4%, with a weighted average interest rate of 2.3%
Scheduled future principal payments for debt	The following table shows scheduled future principal payments for our securitized debt as of December 31, 2021. Vacation Ownership Notes Receivable Securitizations ($ in millions) Payments Year 2022 $ 191 2023 196 2024 200 2025 199 2026 199 Thereafter 892 $ 1,877 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2021. ($ in millions) 2025 Notes 2028 Notes 2029 Notes Term Loan 2022 Convertible Notes 2026 Convertible Notes Total Payments Year 2022 $ — $ — $ — $ — $ 230 $ — $ 230 2023 — — — — — — — 2024 — — — — — — — 2025 250 — — 784 — — 1,034 2026 — — — — — 575 575 Thereafter — 350 500 — — — 850 $ 250 $ 350 $ 500 $ 784 $ 230 $ 575 $ 2,689

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt balances, net of unamortized debt issuance costs	The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs: ($ in millions) At December 31, 2021 At December 31, 2020 Senior Secured Notes 2025 Notes $ 250 $ 500 Unamortized debt discount and issuance costs (2) (6) 248 494 Senior Unsecured Notes 2026 Notes — 750 Unamortized debt discount and issuance costs — (6) — 744 2028 Notes 350 350 Unamortized debt discount and issuance costs (4) (4) 346 346 2029 Notes 500 — Unamortized debt discount and issuance costs (7) — 493 — Corporate Credit Facility Term Loan 784 884 Unamortized debt discount and issuance costs (8) (11) 776 873 Convertible Notes 2022 Convertible Notes 230 230 Unamortized debt discount and issuance costs (6) (15) 224 215 2026 Convertible Notes 575 — Unamortized debt discount and issuance costs (114) — 461 — Finance Leases 83 8 $ 2,631 $ 2,680
Scheduled future principal payments for debt	The following table shows scheduled future principal payments for our securitized debt as of December 31, 2021. Vacation Ownership Notes Receivable Securitizations ($ in millions) Payments Year 2022 $ 191 2023 196 2024 200 2025 199 2026 199 Thereafter 892 $ 1,877 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of December 31, 2021. ($ in millions) 2025 Notes 2028 Notes 2029 Notes Term Loan 2022 Convertible Notes 2026 Convertible Notes Total Payments Year 2022 $ — $ — $ — $ — $ 230 $ — $ 230 2023 — — — — — — — 2024 — — — — — — — 2025 250 — — 784 — — 1,034 2026 — — — — — 575 575 Thereafter — 350 500 — — — 850 $ 250 $ 350 $ 500 $ 784 $ 230 $ 575 $ 2,689
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during 2021, 2020 and 2019. There were no reclassifications to the Income Statement for any of the periods below. ($ in millions) 2021 2020 2019 Derivative Instrument Adjustment, Beginning of Year $ (39) $ (21) $ (6) Other comprehensive gain (loss) before reclassifications 21 (18) (15) Derivative Instrument Adjustment, End of Year $ (18) $ (39) $ (21)
Convertible debt	The following table shows the net carrying value of the 2022 Convertible Notes. ($ in millions) At December 31, 2021 At December 31, 2020 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (5) (13) Unamortized debt issuance costs (1) (2) Net carrying amount of the liability component $ 224 $ 215 Carrying amount of equity component, net of issuance costs $ 33 $ 33 The following table shows interest expense information related to the 2022 Convertible Notes. ($ in millions) 2021 2020 2019 Contractual interest expense $ 3 $ 3 $ 3 Amortization of debt discount 8 7 6 Amortization of debt issuance costs 1 1 2 $ 12 $ 11 $ 11 The following table shows the net carrying value of the 2026 Convertible Notes. ($ in millions) At December 31, 2021 At December 31, 2020 Liability component Principal amount $ 575 $ — Unamortized debt discount (104) — Unamortized debt issuance costs (10) — Net carrying amount of the liability component $ 461 $ — Carrying amount of equity component, net of issuance costs $ 117 $ — The following table shows interest expense information related to the 2026 Convertible Notes. ($ in millions) 2021 2020 2019 Amortization of debt discount $ 22 $ — $ — Amortization of debt issuance costs 2 — — $ 24 $ — $ —

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stock repurchase activity under current stock repurchase program	The following table summarizes share repurchase activity under our share repurchase programs: ($ in millions, except per share amounts) Number of Shares Repurchased Cost of Shares Repurchased Average Price Paid per Share As of December 31, 2020 17,188,885 $ 1,340 $ 77.95 For the year ended December 31, 2021 492,510 78 $ 157.77 As of December 31, 2021 17,681,395 $ 1,418 $ 80.17
Cash dividend declared	We declared cash dividends to holders of common stock during the year ended December 31, 2021 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt, and Board approval. There can be no assurance that we will pay dividends in the future. Declaration Date Shareholder Record Date Distribution Date Dividend per Share September 10, 2021 September 23, 2021 October 7, 2021 $0.54 December 9, 2021 December 23, 2021 January 6, 2022 $0.54

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan	The following table details our share-based compensation expense related to award grants to our officers, directors, and employees: ($ in millions) 2021 2020 2019 Service-based RSUs $ 34 $ 22 $ 17 Performance-based RSUs 9 9 7 ILG Acquisition Converted RSUs — 2 10 43 33 34 SARs 8 4 3 $ 51 $ 37 $ 37
Schedule of unrecognized compensation cost, unvested awards	The following table details our deferred compensation costs related to unvested awards: ($ in millions) At Year-End 2021 (1) At Year-End 2020 Service-based RSUs $ 33 $ 27 Performance-based RSUs — 6 33 33 SARs 2 1 $ 35 $ 34 _________________________ (1) As of December 31, 2021, the weighted average remaining term for RSU grants outstanding at year-end 2021 was one one
Schedule of outstanding RSUs and the associated weighted average grant-date fair values	The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values: 2021 Service-based Performance-based Total Number of RSUs Weighted Average Grant-Date Fair Value Per RSU Number of RSUs Weighted Average Grant-Date Fair Value Per RSU Number of RSUs Weighted Average Grant-Date Fair Value Per RSU Outstanding at year-end 2020 783,489 $ 88.98 550,171 $ 99.56 1,333,660 $ 93.34 Granted 260,077 $ 161.42 — $ — 260,077 $ 161.42 Distributed (264,735) $ 97.57 (35,135) $ 138.68 (299,870) $ 102.39 Forfeited (13,751) $ 115.94 (39,915) $ 133.95 (53,666) $ 129.33 Outstanding at year-end 2021 765,080 $ 110.14 475,121 $ 93.77 1,240,201 $ 103.87
Schedule of outstanding SARs and the associated weighted average exercise prices	The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices: 2021 Number of Weighted Average Exercise Price Per SAR Outstanding at year-end 2020 622,102 $ 84.58 Granted 127,857 $ 173.88 Exercised (122,031) $ 57.78 Forfeited or expired (1,053) $ 173.88 Outstanding at year-end 2021 (1)(2) 626,875 $ 107.86 _________________________ (1) As of December 31, 2021, outstanding SARs had a total intrinsic value of $39 million and a weighted average remaining term of 6 years. (2) As of December 31, 2021, 356,698 SARs with a weighted average exercise price of $86.61, an aggregate intrinsic value of $29 million and a weighted average remaining contractual term of 5 years were exercisable.
Assumptions used to estimate fair value of grants	The following table outlines the assumptions used to estimate the fair value of grants in 2021, 2020, and 2019: 2021 2020 2019 Expected volatility 48.35% 38.81% 31.10% Dividend yield 1.48% 2.13% 1.76% Risk-free rate 0.97% 0.96% 2.59% Expected term (in years) 6.25 6.25 6.25

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Classifications of consolidated vie assets and liabilities	The following table shows consolidated assets, which are collateral for the obligations of these VIEs, and consolidated liabilities included on our Balance Sheet at December 31, 2021: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,662 $ — $ 1,662 Interest receivable 12 — 12 Restricted cash 139 — 139 Total $ 1,813 $ — $ 1,813 Consolidated Liabilities Interest payable $ 2 $ — $ 2 Securitized debt 1,877 — 1,877 Total $ 1,879 $ — $ 1,879
Interest income and expense recognized as a result of our involvement with variable interest entities	The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during 2021: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 217 $ 2 $ 219 Interest expense to investors $ 43 $ 2 $ 45 Debt issuance cost amortization $ 7 $ 1 $ 8 Administrative expenses $ 3 $ — $ 3
Cash flows between company and variable interest entities	The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs: ($ in millions) 2021 2020 Cash Inflows Net proceeds from vacation ownership notes receivable securitizations $ 841 $ 371 Principal receipts 585 487 Interest receipts 228 218 Reserve release 159 16 Total 1,813 1,092 Cash Outflows Principal to investors (590) (509) Voluntary repurchases of defaulted vacation ownership notes receivable (99) (95) Voluntary clean-up call (72) (18) Interest to investors (43) (49) Funding of restricted cash (217) (20) Total (1,021) (691) Net Cash Flows $ 792 $ 401 The following table shows cash flows between us and the Warehouse Credit Facility VIE: ($ in millions) 2021 2020 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 107 $ 315 Principal receipts 2 34 Interest receipts 2 17 Reserve release 1 2 Total 112 368 Cash Outflows Principal to investors — (33) Voluntary repurchases of defaulted vacation ownership notes receivable — (3) Repayment of Warehouse Credit Facility (107) (300) Interest to investors (2) (4) Funding of restricted cash (1) (2) Total (110) (342) Net Cash Flows $ 2 $ 26

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Revenues	Revenues ($ in millions) 2021 2020 2019 Vacation Ownership $ 3,539 $ 2,530 $ 3,761 Exchange & Third-Party Management 320 309 454 Total segment revenues 3,859 2,839 4,215 Corporate and other 31 47 44 $ 3,890 $ 2,886 $ 4,259
Adjusted EBITDA, net (loss) income, depreciation and amortization	Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders ($ in millions) 2021 2020 2019 Adjusted EBITDA Vacation Ownership $ 699 $ 229 $ 794 Adjusted EBITDA Exchange & Third-Party Management 144 119 183 Reconciling items: Corporate and other (186) (113) (219) Interest expense (164) (150) (132) Tax (provision) benefit (74) 84 (83) Depreciation and amortization (146) (123) (141) Share-based compensation expense (51) (37) (37) Certain items (173) (284) (227) Net income (loss) attributable to common shareholders $ 49 $ (275) $ 138 Depreciation and Amortization ($ in millions) 2021 2020 2019 Vacation Ownership $ 89 $ 79 $ 68 Exchange & Third-Party Management 48 32 47 Total segment depreciation 137 111 115 Corporate and other 9 12 26 $ 146 $ 123 $ 141
Assets	Assets ($ in millions) At December 31, 2021 At December 31, 2020 Vacation Ownership $ 7,897 $ 6,859 Exchange & Third-Party Management 911 951 Total segment assets 8,808 7,810 Corporate and other 805 1,088 $ 9,613 $ 8,898
Capital expenditures (including inventory)	Capital Expenditures (including inventory) ($ in millions) 2021 2020 2019 Vacation Ownership $ 296 $ 191 $ 266 Exchange & Third-Party Management 3 7 14 Total segment capital expenditures 299 198 280 Corporate and other (2) 4 13 $ 297 $ 202 $ 293
Revenue by geographic areas	Revenues (excluding cost reimbursements) ($ in millions) 2021 2020 2019 United States $ 2,499 $ 1,664 $ 2,810 All other countries 263 180 341 $ 2,762 $ 1,844 $ 3,151
Fixed assets by geographic areas	Fixed Assets ($ in millions) At December 31, 2021 At December 31, 2020 United States $ 988 $ 640 All other countries 148 151 $ 1,136 $ 791

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%
Deconsolidation assets	$ (179)
Cash divested from deconsolidation	168
Deconsolidation liabilities	155
Deconsolidation decrease in noncontrolling interests	25
Restructuring charges (less than for 2021)	0	$ 25	$ 0
Restructuring reserve (less than for 2021)	1	$ 17
COVID-19 pandemic
Noncontrolling Interest [Line Items]
Restructuring charges (less than for 2021)	1
Joint Venture
Noncontrolling Interest [Line Items]
Non-cash loss	$ 1

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Revenue from External Customer
Date of issuance period	2 years
Decrease in revenue due to change in estimate of variable consideration for performance obligations	$ (9)
Minimum
Revenue from External Customer
Number of years for payments to commence under financing contracts after closing	10 years
Number of days for payments to commence under financing contracts after closing	30 days
Package expiration period	6 months
Maximum
Revenue from External Customer
Number of years for payments to commence under financing contracts after closing	15 years
Number of days for payments to commence under financing contracts after closing	60 days
Package expiration period	24 months

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable
Reserve for credit losses for accounts receivable	$ 14	$ 15

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vacation Ownership Notes Receivable Reserve (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivable, noncredit discount	$ 2
Legacy MVW
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period in which loan considered past due	30 days
Period in which loan suspend accrual of interest	90 days
Period in which loan considered default loan	150 days
ILG, Inc And Welk
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Period in which loan considered default loan	120 days

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Increase in carrying value of inventories	$ 10	$ 6	$ 8

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Property, Plant and Equipment
Estimated useful lives of the assets	3 years
Maximum
Property, Plant and Equipment
Estimated useful lives of the assets	40 years

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details)	12 Months Ended
	Dec. 31, 2021unit
Accounting Policies [Abstract]
Number of reporting units	2

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Convertible Senior Notes (Details) - Convertible Notes	Mar. 31, 2021	Dec. 31, 2017
2022 Convertible Notes
Debt Instrument [Line Items]
Debt, stated interest rate		1.50%
2026 Convertible Notes
Debt Instrument [Line Items]
Debt, stated interest rate	0.00%

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Defined Contribution Plan and Deferred Compensation Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Defined contribution plan, cost	$ 19	$ 12	$ 19
Deferred Compensation Plan | Marriott International
Share-based Compensation Arrangement by Share-based Payment Award
Minimum required fixed rate of return	3.50%	3.50%

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share-Based Compensation Costs (Details) - shares	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
Prior Plans
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares available for grant (in shares)		0
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Employees and Non Employee Directors | SARs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation arrangement by share-based payment award, award vesting period	4 years
Stock awards, expiration from grant date	10 years

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Future Adoption of Accounting Standards (Details) - USD ($) $ in Millions	Jan. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt, net		$ (2,631)	$ (2,680)
Additional paid-in capital		(4,072)	(3,760)
Deferred taxes		(302)	(237)
Stockholders' equity		$ 2,976	$ 2,651
Cumulative Effect, Period of Adoption, Adjustment | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt, net	$ (107)
Additional paid-in capital	111
Deferred taxes	27
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	$ (31)

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) shares in Millions	Apr. 01, 2021USD ($)shares	Dec. 31, 2021USD ($)vacation_ownership_unit	Mar. 31, 2021USD ($)vacation_ownership_unit	Dec. 31, 2021USD ($)vacation_ownership_unit	Dec. 31, 2020USD ($)vacation_ownership_unit	Dec. 31, 2019USD ($)vacation_ownership_unitresort
Business Acquisition [Line Items]
Purchase of vacation ownership units				$ 98,000,000	$ 61,000,000	$ 20,000,000
Write off the outstanding management fee receivables deemed uncollectible				7,000,000
(Losses) gains and other (expense) income, net				(51,000,000)	(26,000,000)	16,000,000
Note receivable					1,000,000
Dispositions, net				3,000,000	15,000,000	51,000,000
Impairment				$ 3,000,000	100,000,000	99,000,000
Land
Business Acquisition [Line Items]
(Losses) gains and other (expense) income, net					6,000,000
Dispositions, net					15,000,000
Joint Venture
Business Acquisition [Line Items]
(Losses) gains and other (expense) income, net					$ (5,000,000)
Strategic Change
Business Acquisition [Line Items]
Impairment						72,000,000
Strategic Change | Land
Business Acquisition [Line Items]
Impairment						9,000,000
Strategic Change | Land and Land Improvements
Business Acquisition [Line Items]
Impairment						$ 61,000,000
Number of resorts | resort						3
Strategic Change | Ancillary Business
Business Acquisition [Line Items]
Gains on sales of other real estate						$ 19,000,000
Impairment						2,000,000
Costa Rica
Business Acquisition [Line Items]
Number of vacation ownership units acquired | vacation_ownership_unit			24
Asset acquisition, consideration transferred			$ 14,000,000
Asset acquisition, recognized identifiable assets acquired, inventory			13,000,000
Asset acquisition, recognized identifiable assets acquired, property and equipment			$ 1,000,000
New York City
Business Acquisition [Line Items]
Number of vacation ownership units acquired | vacation_ownership_unit				120	57
Asset acquisition, consideration transferred				$ 98,000,000	$ 89,000,000
Asset acquisition, recognized identifiable assets acquired, property and equipment					67,000,000
Purchase of vacation ownership units					22,000,000	$ 20,000,000
Asset acquisition, recognized identifiable assets acquired, other assets					$ 22,000,000
San Francisco, California
Business Acquisition [Line Items]
Number of vacation ownership units acquired | vacation_ownership_unit		78	44		34	78
Asset acquisition, consideration transferred		$ 59,000,000	$ 34,000,000		$ 26,000,000	$ 58,000,000
Asset acquisition, recognized identifiable assets acquired, inventory		41,000,000	29,000,000	41,000,000	18,000,000	48,000,000
Asset acquisition, recognized identifiable assets acquired, property and equipment		18,000,000		18,000,000	3,000,000	10,000,000
Purchase of vacation ownership units					5,000,000
Asset acquisition, recognized identifiable assets acquired, other assets			$ 5,000,000		5,000,000
Reclassified of previous deposits associated with the project from other assets to inventory		$ 10,000,000		10,000,000
Cancun Mexico and Avon Colorado
Business Acquisition [Line Items]
Significant acquisitions and disposals consideration received and receivable						62,000,000
Significant acquisitions and disposals consideration receivable						$ 8,000,000
Welk
Business Acquisition [Line Items]
Business acquisition, value assigned	$ 405,000,000
Business acquisition, number of shares (in shares) | shares	1.4
Business combinations, pro forma, acquisition-related costs				$ 0	$ (19,000,000)
Welk | Common Stock
Business Acquisition [Line Items]
Business acquisition, number of shares (in shares) | shares	1.4

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Consideration Transferred (Details) - Welk $ / shares in Units, shares in Millions, $ in Millions	Apr. 01, 2021USD ($)$ / sharesshares
Business Acquisition [Line Items]
Equivalent shares of marriott vacations worldwide common stock issued (in shares) | shares	1.4
Marriott Vacations Worldwide common stock price as of Acquisition Date (in dollars per share) | $ / shares	$ 174.18
Fair value of Marriott Vacations Worldwide common stock issued	$ 248
Cash consideration to Welk, net of cash and restricted cash acquired	157
Total consideration transferred, net of cash and restricted cash acquired	405
Cash acquired from acquisition	$ 48

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Apr. 01, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Combination, Provisional Information [Abstract]
Goodwill		$ 3,150	$ 2,817
Welk
Business Combination, Provisional Information [Abstract]
Vacation ownership notes receivable, net	$ 255
Inventory	111
Property and equipment	83
Intangible assets	102
Other assets	19
Deferred taxes	(32)
Debt	(189)
Securitized debt	(184)
Other liabilities	(93)
Net assets acquired	72
Goodwill	333
Assets acquired	405
Vacation ownership notes receivable	287
Allowance for credit losses	$ (32)
Welk | Minimum | Management contracts
Business Combination, Provisional Information [Abstract]
Estimated useful life	20 years
Welk | Previously Reported
Business Combination, Provisional Information [Abstract]
Vacation ownership notes receivable, net	$ 254
Inventory	136
Property and equipment	111
Intangible assets	100
Other assets	19
Deferred taxes	(45)
Debt	(189)
Securitized debt	(184)
Other liabilities	(66)
Net assets acquired	136
Goodwill	269
Assets acquired	405
Welk | Revision of Prior Period, Adjustment
Business Combination, Provisional Information [Abstract]
Vacation ownership notes receivable, net	1
Inventory	(25)
Property and equipment	(28)
Intangible assets	2
Deferred taxes	13
Other liabilities	(27)
Net assets acquired	(64)
Goodwill	64
Assets acquired	$ 0

ACQUISITIONS AND DISPOSITIONS_4

ACQUISITIONS AND DISPOSITIONS - Pro Forma Results of Operations (Details) - Welk - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revenues		$ 3,894	$ 3,011
Net income (loss)		67	(272)
Net income (loss) attributable to common shareholders		$ 66	$ (291)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)		$ 1.56	$ (7.04)
Diluted (in usd per share)		$ 1.53	$ (7.04)
Revenue	$ 146
Net loss	$ 17

REVENUE AND RECEIVABLES - Sourc

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 3,622	$ 2,619	$ 3,984
Cost reimbursements	1,128	1,042	1,108
Financing	268	267	275
Total Revenues	3,890	2,886	4,259
Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,153	546	1,354
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	191	90	228
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	171	144	177
Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	493	521	544
Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	855	755	949
Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	486	276	573
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	31	47	44
Cost reimbursements	(121)	(141)	(119)
Financing	0	0	0
Total Revenues	31	47	44
Corporate and other | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0
Corporate and other | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0
Corporate and other | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	(19)	(22)	(13)
Corporate and other | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	171	210	176
Corporate and other | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	152	188	163
Corporate and other | Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	3,271	2,265	3,490
Cost reimbursements	1,202	1,124	1,136
Financing	268	265	271
Total Revenues	3,539	2,530	3,761
Vacation Ownership | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,153	546	1,354
Vacation Ownership | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	188	89	224
Vacation Ownership | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	158	149	144
Vacation Ownership | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	124	118	120
Vacation Ownership | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	470	356	488
Vacation Ownership | Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	446	239	512
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	320	307	450
Cost reimbursements	47	59	91
Financing	0	2	4
Total Revenues	320	309	454
Exchange & Third-Party Management | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0
Exchange & Third-Party Management | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	3	1	4
Exchange & Third-Party Management | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	32	17	46
Exchange & Third-Party Management | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	198	193	248
Exchange & Third-Party Management | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	233	211	298
Exchange & Third-Party Management | Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 40	$ 37	$ 61

REVENUE AND RECEIVABLES - Timin

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 3,622	$ 2,619	$ 3,984
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	2,100	1,819	2,134
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,522	800	1,850
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	31	47	44
Corporate and other | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	31	47	44
Corporate and other | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0	0
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	3,271	2,265	3,490
Vacation Ownership | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,915	1,616	1,896
Vacation Ownership | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1,356	649	1,594
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	320	307	450
Exchange & Third-Party Management | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	154	156	194
Exchange & Third-Party Management | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 166	$ 151	$ 256

REVENUE AND RECEIVABLES - Contr

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Receivables
Accounts receivable	$ 172	$ 150
Vacation ownership notes receivable, net	2,045	1,840
Receivables	2,217	1,990
Contract Liabilities
Advance deposits	160	147
Deferred revenue	453	488
Contract Liabilities	$ 613	$ 635

REVENUE AND RECEIVABLES - Addit

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract with customer, contract assets	$ 0	$ 0
Contract with customer, liability, revenue recognized	$ 395,000,000

REVENUE AND RECEIVABLES - Remai

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01	Dec. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue remaining performance obligation expected timing percentage	87.00%
Expected timing of satisfaction, period	2 years

REVENUE AND RECEIVABLES - Accou

REVENUE AND RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 172	$ 150
Interest receivable	14	13
Tax receivable	48	60
Indemnification asset	22	15
Employee tax credit receivable	19	19
Other	4	19
Accounts receivable, including VIE, after allowance for credit loss	$ 279	$ 276

INCOME TAXES - Provision Taxes

INCOME TAXES - Provision Taxes by Geographic Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 152	$ (255)	$ 190
Non-U.S. jurisdictions	(25)	(85)	35
Income before income taxes	$ 127	$ (340)	$ 225

INCOME TAXES - Benefit from (Pr

INCOME TAXES - Benefit from (Provision for) Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
– U.S. Federal	$ 8	$ 31	$ (12)
– U.S. State	(3)	1	(29)
– Non-U.S.	(50)	11	(36)
Current income tax expense (benefit)	(45)	43	(77)
Deferred
– U.S. Federal	(36)	26	(28)
– U.S. State	3	9	17
– Non-U.S.	4	6	5
Deferred income taxes	(29)	41	(6)
Provision for income taxes	$ (74)	$ 84	$ (83)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21.00%	21.00%	21.00%
U.S. state income taxes, net of U.S. federal tax benefit	4.30%	4.50%	4.20%
Share-based compensation, net of Section 162(m) limitation	1.90%	0.20%	0.70%
Other permanent differences	(5.50%)	(9.10%)	5.40%
Impact related to the CARES Act of 2020	0.00%	6.00%	0.00%
Tax rate changes	(3.80%)	0.40%	(0.30%)
Non-U.S. income (loss)	12.90%	4.20%	2.20%
Tax credits	(0.90%)	0.20%	(6.60%)
Unrecognized tax benefits	17.90%	5.20%	3.10%
Change in valuation allowance	10.40%	(7.50%)	7.00%
Other items	0.20%	(0.50%)	0.20%
Effective rate	58.40%	24.60%	36.90%

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Share-based compensation, excess tax benefit	$ (4,000,000)	$ 4,000,000	$ 2,000,000
Business combination provisional information adjustment other liabilities tax matters	66,000,000
Net operating loss and capital loss carryforwards	146,000,000	98,000,000
Net operating loss carry forwards, subject to expiration	1,000,000
Tax credit carryforward	29,000,000	31,000,000
Unrecognized tax benefits that would impact effective tax rate	26,000,000	14,000,000
Unrecognized tax benefits, income tax penalties and interest accrued	42,000,000	$ 25,000,000
Foreign Tax Authority
Income Taxes
Change in valuation allowance	8,000,000
Net operating loss and capital loss carryforwards	111,000,000
Domestic Tax Authority
Income Taxes
Net operating loss and capital loss carryforwards	15,000,000
Tax credit carryforward	20,000,000
Capital loss carryforwards	2,000,000
State and Local Jurisdiction
Income Taxes
Net operating loss and capital loss carryforwards	18,000,000
Tax credit carryforward	9,000,000
Indemnified Tax Liability
Income Taxes
Business combination provisional information adjustment other liabilities tax matters	5,000,000
Unrecognized tax benefits, income tax penalties and interest accrued	$ 14,000,000
Minimum
Income Taxes
Income tax holiday period	10 years
Maximum
Income Taxes
Income tax holiday period	30 years

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets
Inventory	$ 69	$ 83
Reserves	75	98
Deferred revenue	20	12
Property and equipment	61	72
Net operating loss and capital loss carryforwards	146	98
Tax credits	29	31
Right-of-use asset	24	2
Other, net	74	113
Deferred tax assets	498	509
Less valuation allowance	(122)	(106)
Net deferred tax assets	376	403
Deferred Tax Liabilities
Long lived intangible assets	(231)	(233)
Deferred sales of vacation ownership interests	(414)	(362)
Right-of-use liability	(24)	(2)
Other, net	(9)	(43)
Deferred tax liabilities	(678)	(640)
Total net deferred tax liabilities	$ (302)	$ (237)

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Unrecognized tax benefit at beginning of year	$ 14	$ 21	$ 2
Increases related to tax positions taken during a prior period	12	6	18
Increases related to tax positions taken during the current period	1	2	1
Decreases related to settlements with taxing authorities	0	(14)	0
Decreases as a result of a lapse of the applicable statute of limitations	(1)	(1)	0
Unrecognized tax benefit at end of year	$ 26	$ 14	$ 21

VACATION OWNERSHIP NOTES RECE_3

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,045	$ 1,840
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,662	1,493
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	97	128
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	286	219
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	383	347
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,671	1,531
Originated | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,308	1,220
Originated | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	96	126
Originated | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	267	185
Originated | Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	363	311
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	374	309
Acquired | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	354	273
Acquired | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1	2
Acquired | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	19	34
Acquired | Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 20	$ 36

VACATION OWNERSHIP NOTES RECE_4

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 259	$ 257	$ 264
Interest income associated with vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	219	239	232
Interest income associated with vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 40	$ 18	$ 32

VACATION OWNERSHIP NOTES RECE_5

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average estimated rate of default for all outstanding loans	6.74%		6.74%	6.74%
Financing receivable, allowance for credit losses, that would have been increased	$ 6,000,000		$ 6,000,000	$ 6,000,000
Sale of vacation ownership products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expenses			$ 250,000,000	$ 150,000,000	$ 349,000,000
Legacy MVW
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated default rate increases that would have resulted an increase in allowance for credit losses			0.50%
Legacy-ILG and Legacy-Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average estimated rate of default for all outstanding loans	14.63%		17.33%	14.63%
Estimated default rate increases that would have resulted an increase in allowance for credit losses			0.50%
Financing receivable, allowance for credit losses, that would have been increased	$ 3,000,000		$ 4,000,000	$ 3,000,000
Weighted average FICO score within originated loan pool	708		707	708
COVID-19 pandemic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss, period increase		$ 52,000,000	$ 0
Allowance for loan and lease losses, period increase	$ 17,000,000
COVID-19 pandemic | Sale of vacation ownership products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expenses				$ 19,000,000

VACATION OWNERSHIP NOTES RECE_6

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Dec. 31, 2021USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2022	$ 52
2023	53
2024	52
2025	49
2026	44
Thereafter	124
Balance at december 31,2021	$ 374
Acquired | Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	14.10%
Acquired | Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Acquired | Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%
Acquired | Non-securitized
Future Minimum Payments Receivable [Line Items]
2022	$ 2
2023	2
2024	2
2025	2
2026	2
Thereafter	10
Balance at december 31,2021	$ 20
Acquired | Non-securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	13.70%
Acquired | Non-securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Acquired | Non-securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%
Acquired | Securitized
Future Minimum Payments Receivable [Line Items]
2022	$ 50
2023	51
2024	50
2025	47
2026	42
Thereafter	114
Balance at december 31,2021	$ 354
Acquired | Securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	14.10%
Acquired | Securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Acquired | Securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	21.90%
Originated
Future Minimum Payments Receivable [Line Items]
2022	$ 175
2023	158
2024	160
2025	162
2026	168
Thereafter	848
Balance at december 31,2021	$ 1,671
Originated | Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.90%
Originated | Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated | Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	20.90%
Originated | Non-securitized
Future Minimum Payments Receivable [Line Items]
2022	$ 48
2023	28
2024	28
2025	28
2026	29
Thereafter	202
Balance at december 31,2021	$ 363
Originated | Non-securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.90%
Originated | Non-securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated | Non-securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	20.90%
Originated | Securitized
Future Minimum Payments Receivable [Line Items]
2022	$ 127
2023	130
2024	132
2025	134
2026	139
Thereafter	646
Balance at december 31,2021	$ 1,308
Originated | Securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	12.90%
Originated | Securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	0.00%
Originated | Securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Range of stated interest rates	19.90%

VACATION OWNERSHIP NOTES RECE_7

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	$ 60	$ 55
Securitizations	0	0
Clean-up call	0	0
Write-offs	(49)	(18)
Recoveries	27	9
Defaulted vacation ownership notes receivable repurchase activity	0	0
Initial allowance for credit losses for Legacy-Welk vacation ownership notes receivable	32
(Decrease) increase in vacation ownership notes receivable reserve	0	14
Ending balance	70	60	$ 55
Acquired | COVID-19 pandemic
Time Sharing Transactions, Allowance for Uncollectible Accounts
(Decrease) increase in vacation ownership notes receivable reserve		10
Acquired | Previously Reported
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance		0
Ending balance			0
Acquired | Revision of Prior Period, Accounting Standards Update, Adjustment
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance		55
Ending balance			55
Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	310	204	140
Securitizations	0	0	0
Clean-up call	0	0	0
Write-offs	(79)	(31)	(48)
Defaulted vacation ownership notes receivable repurchase activity	0	0	0
(Decrease) increase in vacation ownership notes receivable reserve	102	137	112
Ending balance	333	310	204
Originated | COVID-19 pandemic
Time Sharing Transactions, Allowance for Uncollectible Accounts
(Decrease) increase in vacation ownership notes receivable reserve		59
Non-securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	39	29
Securitizations	(9)	(1)
Clean-up call	3	1
Write-offs	(49)	(18)
Recoveries	27	9
Defaulted vacation ownership notes receivable repurchase activity	32	17
Initial allowance for credit losses for Legacy-Welk vacation ownership notes receivable	11
(Decrease) increase in vacation ownership notes receivable reserve	(7)	2
Ending balance	47	39	29
Non-securitized | Acquired | COVID-19 pandemic
Time Sharing Transactions, Allowance for Uncollectible Accounts
(Decrease) increase in vacation ownership notes receivable reserve	8
Non-securitized | Acquired | Previously Reported
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance		0
Ending balance			0
Non-securitized | Acquired | Revision of Prior Period, Accounting Standards Update, Adjustment
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance		29
Ending balance			29
Non-securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	193	90	61
Securitizations	(76)	(70)	(81)
Clean-up call	12	37	24
Write-offs	(79)	(31)	(48)
Defaulted vacation ownership notes receivable repurchase activity	65	80	40
(Decrease) increase in vacation ownership notes receivable reserve	78	87	94
Ending balance	193	193	90
Non-securitized | Originated | COVID-19 pandemic
Time Sharing Transactions, Allowance for Uncollectible Accounts
(Decrease) increase in vacation ownership notes receivable reserve	32
Securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	21	26
Securitizations	9	1
Clean-up call	(3)	(1)
Write-offs	0	0
Recoveries	0	0
Defaulted vacation ownership notes receivable repurchase activity	(32)	(17)
Initial allowance for credit losses for Legacy-Welk vacation ownership notes receivable	21
(Decrease) increase in vacation ownership notes receivable reserve	7	12
Ending balance	23	21	26
Securitized | Acquired | COVID-19 pandemic
Time Sharing Transactions, Allowance for Uncollectible Accounts
(Decrease) increase in vacation ownership notes receivable reserve	2
Securitized | Acquired | Previously Reported
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance		0
Ending balance			0
Securitized | Acquired | Revision of Prior Period, Accounting Standards Update, Adjustment
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance		26
Ending balance			26
Securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	117	114	79
Securitizations	76	70	81
Clean-up call	(12)	(37)	(24)
Write-offs	0	0	0
Defaulted vacation ownership notes receivable repurchase activity	(65)	(80)	(40)
(Decrease) increase in vacation ownership notes receivable reserve	24	50	18
Ending balance	140	$ 117	$ 114
Securitized | Originated | COVID-19 pandemic
Time Sharing Transactions, Allowance for Uncollectible Accounts
(Decrease) increase in vacation ownership notes receivable reserve	$ 27

VACATION OWNERSHIP NOTES RECE_8

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Legacy MVW
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	$ 96	$ 114
Legacy MVW | Non-Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	88	100
Legacy MVW | Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	8	14
Legacy-ILG and Legacy-Welk
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	124	121
Legacy-ILG and Legacy-Welk | Non-Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	114	109
Legacy-ILG and Legacy-Welk | Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	$ 10	$ 12

VACATION OWNERSHIP NOTES RECE_9

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Legacy MVW
Financing Receivable, Past Due
Vacation ownership notes receivable	$ 1,329	$ 1,389
Legacy MVW | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	274	339
Legacy MVW | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	1,055	1,050
Legacy MVW | 31 – 90 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	26	33
Legacy MVW | 31 – 90 days past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	6	8
Legacy MVW | 31 – 90 days past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	20	25
Legacy MVW | 91 – 150 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	12	19
Legacy MVW | 91 – 150 days past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	4	5
Legacy MVW | 91 – 150 days past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	8	14
Legacy MVW | Greater than 150 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	84	95
Legacy MVW | Greater than 150 days past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	84	95
Legacy MVW | Greater than 150 days past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	0	0
Legacy MVW | Total past due
Financing Receivable, Past Due
Vacation ownership notes receivable	122	147
Legacy MVW | Total past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	94	108
Legacy MVW | Total past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	28	39
Legacy MVW | Current
Financing Receivable, Past Due
Vacation ownership notes receivable	1,207	1,242
Legacy MVW | Current | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	180	231
Legacy MVW | Current | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	1,027	1,011
Legacy-ILG and Legacy-Welk
Financing Receivable, Past Due
Vacation ownership notes receivable	1,118	821
Legacy-ILG and Legacy-Welk | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	349	240
Legacy-ILG and Legacy-Welk | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	769	581
Legacy-ILG and Legacy-Welk | 31 – 90 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	40	27
Legacy-ILG and Legacy-Welk | 31 – 90 days past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	16	8
Legacy-ILG and Legacy-Welk | 31 – 90 days past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	24	19
Legacy-ILG and Legacy-Welk | 91 – 120 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	10	9
Legacy-ILG and Legacy-Welk | 91 – 120 days past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	4	2
Legacy-ILG and Legacy-Welk | 91 – 120 days past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	6	7
Legacy-ILG and Legacy-Welk | Greater than 120 days past due
Financing Receivable, Past Due
Vacation ownership notes receivable	114	112
Legacy-ILG and Legacy-Welk | Greater than 120 days past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	110	107
Legacy-ILG and Legacy-Welk | Greater than 120 days past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	4	5
Legacy-ILG and Legacy-Welk | Total past due
Financing Receivable, Past Due
Vacation ownership notes receivable	164	148
Legacy-ILG and Legacy-Welk | Total past due | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	130	117
Legacy-ILG and Legacy-Welk | Total past due | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	34	31
Legacy-ILG and Legacy-Welk | Current
Financing Receivable, Past Due
Vacation ownership notes receivable	954	673
Legacy-ILG and Legacy-Welk | Current | Non-securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	219	123
Legacy-ILG and Legacy-Welk | Current | Securitized
Financing Receivable, Past Due
Vacation ownership notes receivable	$ 735	$ 550

VACATION OWNERSHIP NOTES REC_10

VACATION OWNERSHIP NOTES RECEIVABLE - Financing Receivable Year of Originated (Details) - Legacy MVW - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 403
2020	185
2019	296
2018	190
2017	111
2016 & Prior	144
Total vacation ownership notes receivable	1,329	$ 1,389
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	129
2020	20
2019	46
2018	29
2017	15
2016 & Prior	35
Total vacation ownership notes receivable	274	339
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	274
2020	165
2019	250
2018	161
2017	96
2016 & Prior	109
Total vacation ownership notes receivable	$ 1,055	$ 1,050

VACATION OWNERSHIP NOTES REC_11

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score (Details) - Legacy-ILG and Legacy-Welk - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 1,118	$ 821
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	444	369
Acquired | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	95	144
Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	133	198
Acquired | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	15	22
Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	197
Acquired | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4	5
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	231	176
Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	52	81
Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	54	81
Acquired | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	12
Acquired | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	115
Acquired | 700 + | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	2
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	165	131
Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	32	48
Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	48	73
Acquired | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6	9
Acquired | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	79
Acquired | 600 - 699 | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	1
Acquired | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	13	18
Acquired | less than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3	4
Acquired | less than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	13
Acquired | less than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1	1
Acquired | less than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Acquired | less than 600 | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	0
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	35	44
Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	11
Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	23	31
Acquired | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	0
Acquired | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | No Score | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	2
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	674	451
Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	251	190
Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	296	237
Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	33	24
Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	94
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	366	231
Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	143	109
Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	136	106
Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	22	16
Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	65
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	198	132
Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	66	52
Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	94	72
Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	11	8
Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	27
Originated | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	29	22
Originated | less than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	6
Originated | less than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	20	16
Originated | less than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	0
Originated | less than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	81	66
Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	34	23
Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	46	43
Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	$ 0
Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 1

VACATION OWNERSHIP NOTES REC_12

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score prior year (Details) - Legacy-ILG and Legacy-Welk - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 1,118	$ 821
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	444	369
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	231	176
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	165	131
Acquired | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	13	18
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	35	44
Acquired | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	95	144
Acquired | Westin | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	26
Acquired | Westin | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	69
Acquired | Westin | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	52	81
Acquired | Westin | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	14
Acquired | Westin | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	38
Acquired | Westin | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	32	48
Acquired | Westin | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8
Acquired | Westin | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	24
Acquired | Westin | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3	4
Acquired | Westin | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | Westin | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Acquired | Westin | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	11
Acquired | Westin | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Westin | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | Westin | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6
Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	133	198
Acquired | Sheraton | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	40
Acquired | Sheraton | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	93
Acquired | Sheraton | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	54	81
Acquired | Sheraton | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	16
Acquired | Sheraton | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	38
Acquired | Sheraton | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	48	73
Acquired | Sheraton | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	12
Acquired | Sheraton | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	36
Acquired | Sheraton | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	13
Acquired | Sheraton | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5
Acquired | Sheraton | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3
Acquired | Sheraton | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	23	31
Acquired | Sheraton | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Sheraton | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	7
Acquired | Sheraton | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	16
Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	19
Acquired | Hyatt and Other | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4
Acquired | Hyatt and Other | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	15
Acquired | Hyatt and Other | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	10
Acquired | Hyatt and Other | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | Hyatt and Other | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8
Acquired | Hyatt and Other | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6
Acquired | Hyatt and Other | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | Hyatt and Other | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4
Acquired | Hyatt and Other | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Acquired | Hyatt and Other | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Acquired | Hyatt and Other | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | Hyatt and Other | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Hyatt and Other | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	15	22
Acquired | Hyatt | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	12
Acquired | Hyatt | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6	9
Acquired | Hyatt | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1	1
Acquired | Hyatt | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	0
Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	197
Acquired | Welk | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	14
Acquired | Welk | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	40
Acquired | Welk | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	52
Acquired | Welk | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	33
Acquired | Welk | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	58
Acquired | Welk | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	115
Acquired | Welk | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	9
Acquired | Welk | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	24
Acquired | Welk | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	30
Acquired | Welk | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	20
Acquired | Welk | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	32
Acquired | Welk | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	79
Acquired | Welk | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5
Acquired | Welk | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	15
Acquired | Welk | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	21
Acquired | Welk | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	13
Acquired | Welk | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	25
Acquired | Welk | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Acquired | Welk | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Welk | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Acquired | Welk | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Welk | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Welk | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Welk | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Acquired | Welk | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Welk | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Welk | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Acquired | Welk | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Acquired | Welk | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	674	451
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	366	231
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	198	132
Originated | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	29	22
Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	81	66
Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	251	190
Originated | Westin | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	125
Originated | Westin | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	39
Originated | Westin | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	74
Originated | Westin | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	13
Originated | Westin | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Westin | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	143	109
Originated | Westin | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	72
Originated | Westin | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	22
Originated | Westin | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	41
Originated | Westin | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8
Originated | Westin | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Westin | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	66	52
Originated | Westin | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	30
Originated | Westin | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	10
Originated | Westin | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	22
Originated | Westin | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4
Originated | Westin | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Westin | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	6
Originated | Westin | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3
Originated | Westin | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Originated | Westin | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3
Originated | Westin | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Westin | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Westin | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	34	23
Originated | Westin | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	20
Originated | Westin | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5
Originated | Westin | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8
Originated | Westin | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Westin | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	296	237
Originated | Sheraton | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	129
Originated | Sheraton | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	52
Originated | Sheraton | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	92
Originated | Sheraton | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	23
Originated | Sheraton | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Sheraton | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	136	106
Originated | Sheraton | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	65
Originated | Sheraton | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	23
Originated | Sheraton | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	38
Originated | Sheraton | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	10
Originated | Sheraton | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Sheraton | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	94	72
Originated | Sheraton | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	43
Originated | Sheraton | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	16
Originated | Sheraton | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	27
Originated | Sheraton | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8
Originated | Sheraton | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Sheraton | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	20	16
Originated | Sheraton | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	9
Originated | Sheraton | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4
Originated | Sheraton | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6
Originated | Sheraton | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Sheraton | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Sheraton | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	46	43
Originated | Sheraton | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	12
Originated | Sheraton | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	9
Originated | Sheraton | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	21
Originated | Sheraton | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4
Originated | Sheraton | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	33	24
Originated | Hyatt | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	17
Originated | Hyatt | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5
Originated | Hyatt | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	9
Originated | Hyatt | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Originated | Hyatt | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	22	16
Originated | Hyatt | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	12
Originated | Hyatt | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3
Originated | Hyatt | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6
Originated | Hyatt | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Hyatt | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	11	8
Originated | Hyatt | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5
Originated | Hyatt | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2
Originated | Hyatt | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3
Originated | Hyatt | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Hyatt | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	0
Originated | Hyatt | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	$ 0
Originated | Hyatt | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Hyatt | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	94
Originated | Welk | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	94
Originated | Welk | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	65
Originated | Welk | 700 + | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	65
Originated | Welk | 700 + | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 700 + | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 700 + | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 700 + | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	27
Originated | Welk | 600 - 699 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	27
Originated | Welk | 600 - 699 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 600 - 699 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 600 - 699 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | 600 - 699 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | less than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Welk | less than 600 | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Welk | less than 600 | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | less than 600 | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | less than 600 | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | less than 600 | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Welk | No Score | 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1
Originated | Welk | No Score | 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | No Score | 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | No Score | 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0
Originated | Welk | No Score | 2017 & Prior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 0

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 2,045	$ 1,840
Other assets	76	60
Total financial assets	2,121	1,900
Total financial liabilities	(4,404)	(4,260)
Carrying Amount | Securitized debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,856)	(1,588)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	2,102	1,886
Other assets	76	60
Total financial assets	2,178	1,946
Total financial liabilities	(4,774)	(4,455)
Fair Value | Securitized debt, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,900)	(1,653)
2025 Notes | Carrying Amount | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(248)	(494)
2025 Notes | Fair Value | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(261)	(533)
2026 Notes | Carrying Amount | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	0	(744)
2026 Notes | Fair Value | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	0	(784)
2028 Notes | Carrying Amount | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(346)	(346)
2028 Notes | Fair Value | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(362)	(359)
2029 Notes | Carrying Amount | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(493)	0
2029 Notes | Fair Value | Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(505)	0
2022 Convertible Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(224)	(215)
2022 Convertible Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(280)	(262)
2026 Convertible Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(461)	0
2026 Convertible Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(682)	0
Originated | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	2,045	1,840
Originated | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	2,102	1,886
Line of Credit | Term Loan, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(776)	(873)
Line of Credit | Term Loan, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ (784)	$ (864)

FINANCIAL INSTRUMENTS - Carry_2

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 2,045	$ 1,840
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	2,102	1,886
Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	1,662	1,493
Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	1,712	1,530
Non-Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	383	347
Non-Securitized | Carrying Amount | Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	97	128
Non-Securitized | Carrying Amount | Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	286	219
Non-Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	390	356
Non-Securitized | Fair Value | Eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	104	137
Non-Securitized | Fair Value | Not eligible for securitization
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 286	$ 219

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Dec. 31, 2021USD ($)
Variable Interest Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash surrender value of life insurance	$ 76

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to common shareholders	$ 49	$ (275)	$ 138
Shares for basic earnings (loss) per share (in shares)	42,500	41,300	43,900
Basic earnings (loss) per share (in usd per share)	$ 1.15	$ (6.65)	$ 3.13
Effect of dilutive shares outstanding
Employee SARs (in shares)	200	0	300
Restricted stock units (in shares)	500	0	300
Shares for diluted earnings (loss) per share (in shares)	43,300	41,300	44,500
Diluted earnings (loss) per share (in usd per share)	$ 1.13	$ (6.65)	$ 3.09
Shares excluded from the calculation of diluted earnings per share (in shares)		400
2022 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	100	0	0
Performance Shares
Effect of dilutive shares outstanding
Shares excluded from the calculation of diluted earnings per share (in shares)	166		345

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)		400,000
Employee SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)		100,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)		300,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	126,804		56,649
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 173.88		$ 143.38

INVENTORY - Composition of Inve

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Real estate inventory	$ 710	$ 749
Other	9	10
Inventory	$ 719	$ 759

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Amount of completed vacation ownership units classified as property and equipment	$ 460	$ 162
Deposits on future purchases of inventory	$ 14	$ 43

PROPERTY AND EQUIPMENT - Proper

PROPERTY AND EQUIPMENT - Property and equipment balances (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 441	$ 285
Buildings and leasehold improvements	697	482
Furniture, fixtures and other equipment	136	95
Information technology	413	322
Construction in progress	37	68
Property and equipment, gross	1,724	1,252
Accumulated depreciation	(588)	(461)
Property and equipment, net	$ 1,136	$ 791

GOODWILL - Goodwill (Details)

GOODWILL - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 2,817,000,000	$ 2,892,000,000
Impairment	0	(73,000,000)
Foreign exchange adjustments		(2,000,000)
Welk Acquisition	299,000,000
Measurement period adjustments	34,000,000
Ending balance	3,150,000,000	2,817,000,000
Vacation Ownership
Goodwill [Roll Forward]
Beginning balance	2,445,000,000	2,445,000,000
Impairment		0
Foreign exchange adjustments		0
Welk Acquisition	299,000,000
Measurement period adjustments	34,000,000
Ending balance	2,778,000,000	2,445,000,000
Exchange & Third-Party Management
Goodwill [Roll Forward]
Beginning balance	372,000,000	447,000,000
Impairment		(73,000,000)
Foreign exchange adjustments		(2,000,000)
Welk Acquisition	0
Measurement period adjustments	0
Ending balance	$ 372,000,000	$ 372,000,000

GOODWILL - Additional Informati

GOODWILL - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill
Impairment	$ 0	$ (73,000,000)
Vacation Ownership
Goodwill
Impairment		0
Exchange & Third-Party Management
Goodwill
Impairment		$ (73,000,000)

INTANGIBLE ASSETS - Intangible

INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 1,123	$ 1,022
Accumulated amortization	(194)	(134)
Finite-lived intangible assets, net	929	888
Indefinite-lived intangible assets
Intangibles, net	993	952
Trade names
Indefinite-lived intangible assets
Indefinite-lived intangible assets	64	64
Member relationships
Definite-lived intangible assets
Finite-lived intangible assets, gross	671	671
Management contracts
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 452	$ 351

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible Assets [Line Items]
Depreciation and amortization of intangibles		$ 146	$ 123	$ 141
Exchange & Third-Party Management
Intangible Assets [Line Items]
Impairment	$ (18)
ILG, Inc And Welk
Intangible Assets [Line Items]
Depreciation and amortization of intangibles		61	$ 57	$ 59
Expected amortization expense, 2021		62
Expected amortization expense, 2022		62
Expected amortization expense, 2023		62
Expected amortization expense, 2024		62
Expected amortization expense, 2025		$ 62
Minimum | ILG, Inc And Welk
Intangible Assets [Line Items]
Estimated useful life		15 years
Maximum | ILG, Inc And Welk
Intangible Assets [Line Items]
Estimated useful life		25 years

INTANGIBLE ASSETS - Indefinite-

INTANGIBLE ASSETS - Indefinite-Lived Intangible Assets (Details) - Trade Names - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets
Beginning balance	$ 64	$ 82
Impairment	0	(18)
Ending balance	$ 64	$ 64

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Dec. 31, 2021USD ($)vacation_ownership_unit
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 118
Guarantor obligations, maximum exposure. due in first year	17
Property Owners Associations
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2022	66
Revolving Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	2
Letter of Credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	2
Bali, Indonesia Resort
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, 2022	11
Purchase commitment obligation due, 2023	7
Purchase commitment obligation due, 2024	$ 4
Number of vacation ownership units expected to be acquired | vacation_ownership_unit	88
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure	$ 10
Guarantor obligations, maximum exposure. due in first year	3
Guarantor obligations, maximum exposure, due in second year	2
Guarantor obligations, maximum exposure, due in third year	2
Guarantor obligations, maximum exposure, due in fourth year	1
Guarantor obligations, maximum exposure, due in five year	1
Guarantor obligations, maximum exposure, due after fifth year	$ 1
Guarantor obligations, ownership percentage	80.00%
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 99
Purchase commitment obligation due, 2022	52
Purchase commitment obligation due, 2023	28
Purchase commitment obligation due, 2024	11
Purchase commitment obligation due, 2025	6
Purchase commitment obligation due, 2026 and therefore	$ 2

LEASES - Carrying Values of Lea

LEASES - Carrying Values of Leases (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease assets	$ 96	$ 131
Finance lease assets	89	8
Lease right of use asset	185	139
Operating lease liabilities	108	138
Finance lease liabilities	83	8
Lease liability	$ 191	$ 146
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other (including $76 and $54 from VIEs, respectively)	Other (including $76 and $54 from VIEs, respectively)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Securitized debt net	Securitized debt net

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 35	$ 36
Amortization of right-of-use assets	5	5
Interest on lease liabilities	1	1
Variable lease cost	2	2
Lease, cost	$ 43	$ 44

LEASES - Maturities of Operatin

LEASES - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 25
2023	23
2024	20
2025	18
2026	16
Thereafter	25
Total lease payments	127
Less: Imputed interest	(19)
Operating lease liabilities	108	$ 138
Finance Leases
2022	7
2023	5
2024	4
2025	4
2026	4
Thereafter	259
Total lease payments	283
Less: Imputed interest	(200)
Finance Leases	83	8
Total
2022	32
2023	28
2024	24
2025	22
2026	20
Thereafter	284
Total lease payments	410
Less: Imputed interest	(219)
Lease liability	$ 191	$ 146

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted-average remaining lease term
Operating leases	6 years 4 months 24 days	19 years 1 month 6 days
Finance leases	53 years 8 months 12 days	3 years
Weighted-average discount rate
Operating leases	5.80%	5.80%
Finance leases	5.30%	3.90%

LEASES - Other Information (Det

LEASES - Other Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows for finance leases	$ 1	$ 1
Operating cash flows for operating leases	34	41
Financing cash flows for finance leases	5	11	$ 12
Right of Use Assets Obtained in Exchange in Exchange for Lease Obligations [Abstract]
Operating leases	7	27
Finance leases	$ 86	$ 7

LEASES - Additional Information

LEASES - Additional Information (Details) $ in Millions	Mar. 31, 2020USD ($)
Leases [Abstract]
Term of contract	16 years
Lease not yet commenced	$ 137

SECURITIZED DEBT - Vacation Own

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	$ 1,856	$ 1,588
Secured debt, net	1,856	1,588
Variable Interest Entity
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	$ 1,877	1,604
Securitized debt | Variable Interest Entity
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.30%
Securitized debt | Vacation Ownership Notes Receivable Securitizations | Variable Interest Entity
Debt Instrument [Line Items]
Vacation ownership notes receivable securitizations, gross	$ 1,877	1,604
Unamortized debt discount and issuance costs	$ (21)	$ (16)
Securitized debt | Minimum | Variable Interest Entity
Debt Instrument [Line Items]
Debt, stated interest rate	1.50%
Securitized debt | Maximum | Variable Interest Entity
Debt Instrument [Line Items]
Debt, stated interest rate	4.40%

SECURITIZED DEBT - Future Payme

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 230
2023	0
2024	0
2025	1,034
2026	575
Thereafter	850
Variable Interest Entity | Vacation Ownership Notes Receivable Securitizations | Securitized debt
Debt Instrument [Line Items]
2022	191
2023	196
2024	200
2025	199
2026	199
Thereafter	892
Long-term debt	$ 1,877

SECURITIZED DEBT - Additional I

SECURITIZED DEBT - Additional Information (Details)	2 Months Ended		3 Months Ended		12 Months Ended
	Mar. 01, 2022USD ($)	Feb. 22, 2022USD ($)	Dec. 31, 2021USD ($)loanclass	Jun. 30, 2021USD ($)class	Dec. 31, 2021USD ($)classloan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Number of notes receivable pools under performance triggers | loan					0
Number of notes receivable pools out of compliance | loan			0		0
Number of notes receivable pools outstanding | loan			14		14
Values of vacation ownership notes receivable that were purchased by trust during the period			$ 434,000,000	$ 434,000,000
Number of classes | class			3	4	3
Proceeds from issuance debt				$ 8,000,000	$ 22,000,000	$ 14,000,000	$ 20,000,000
Repayments of debt					1,339,000,000	705,000,000	$ 820,000,000
Related party transaction, expenses from transactions with related party			$ (8,000,000)
Cash flows between transferee and transfer or funding of restricted cash			(204,000,000)
Secured debt, net			1,856,000,000		$ 1,856,000,000	1,588,000,000
MVW 2021-2 LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations			376,000,000
MVW 2021-2 LLC | Subsequent Event
Debt Instrument [Line Items]
Cash flows between transferee and transferor proceeds	$ 57,000,000
Warehouse Credit Facility
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations			107,000,000
Repayments of debt			107,000,000
Cash flows between transferee and transfer or funding of restricted cash			(1,000,000)
Credit facility						$ 350,000,000
Credit facility, payable period after termination					13 months
Values of vacation ownership notes receivable that were securitized during the period			$ 126,000,000
Advance rate for securitization			85.00%
Cash flows between transferee and transferor proceeds			$ 106,000,000
Securitized debt | Variable Interest Entity
Debt Instrument [Line Items]
Debt, weighted average interest rate			2.30%		2.30%
Securitized debt | MVW 2021-1W LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations				$ 425,000,000
Debt, weighted average interest rate				1.52%
Securitized debt | MVW 2021-2 LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations			$ 425,000,000
Debt, weighted average interest rate			1.64%		1.64%
Securitized debt | MVW 2021-2 LLC | Subsequent Event
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations		$ 58,000,000
Securitized debt | Class A notes | MVW 2021-1W LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations				$ 207,000,000
Debt, stated interest rate				1.14%
Securitized debt | Class A notes | MVW 2021-2 LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations			$ 265,000,000
Debt, stated interest rate			1.43%		1.43%
Securitized debt | Class B notes | MVW 2021-1W LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations				$ 107,000,000
Debt, stated interest rate				1.44%
Securitized debt | Class B notes | MVW 2021-2 LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations			$ 95,000,000
Debt, stated interest rate			1.83%		1.83%
Securitized debt | Class C notes | MVW 2021-1W LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations				$ 80,000,000
Debt, stated interest rate				1.94%
Securitized debt | Class C notes | MVW 2021-2 LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations			$ 65,000,000
Debt, stated interest rate			2.23%		2.23%
Securitized debt | Class D notes | MVW 2021-1W LLC
Debt Instrument [Line Items]
Net proceeds from vacation ownership notes receivable securitizations				$ 31,000,000
Debt, stated interest rate				3.17%
Securitized debt | Warehouse Credit Facility | Variable Interest Entity
Debt Instrument [Line Items]
Secured debt, net			$ 0		$ 0

DEBT - Debt Balances, Net of Un

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,689
Finance Leases	83	$ 8
Debt and lease obligation	2,631	2,680
2025 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	250	500
Unamortized debt discount and issuance costs	(2)	(6)
Long-term debt	248	494
2026 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	0	750
Unamortized debt discount and issuance costs	0	(6)
Long-term debt	0	744
2028 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	350	350
Unamortized debt discount and issuance costs	(4)	(4)
Long-term debt	346	346
2029 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500	0
Unamortized debt discount and issuance costs	(7)	0
Long-term debt	493	0
Term Loan, net | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	784	884
Unamortized debt discount and issuance costs	(8)	(11)
Long-term debt	776	873
2022 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	230	230
Unamortized debt discount and issuance costs	(6)	(15)
Long-term debt	224	215
2026 Convertible Notes
Debt Instrument [Line Items]
Unamortized debt discount and issuance costs	(15)
2026 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Long-term debt, gross	575	0
Unamortized debt discount and issuance costs	(114)	0
Long-term debt	$ 461	$ 0

DEBT - Scheduled Future Princip

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Principal Payments Year
2022	$ 230
2023	0
2024	0
2025	1,034
2026	575
Thereafter	850
Long-term debt	2,689
Term Loan | Term Loan, net
Debt Principal Payments Year
2022	0
2023	0
2024	0
2025	784
2026	0
Thereafter	0
Long-term debt	784
Senior notes | 2025 Notes
Debt Principal Payments Year
2022	0
2023	0
2024	0
2025	250
2026	0
Thereafter	0
Long-term debt	250	$ 500
Senior notes | 2028 Notes
Debt Principal Payments Year
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	350
Long-term debt	350	350
Senior notes | 2029 Notes
Debt Principal Payments Year
2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	500
Long-term debt	500	0
Convertible Notes | 2022 Convertible Notes
Debt Principal Payments Year
2022	230
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Long-term debt	230	230
Convertible Notes | 2026 Convertible Notes
Debt Principal Payments Year
2022	0
2023	0
2024	0
2025	0
2026	575
Thereafter	0
Long-term debt	$ 575	$ 0

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Principal amount	$ 1,000,000,000
2028 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	$ 350,000,000
Debt, stated interest rate	4.75%
2029 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	4.50%
2025 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	6.125%

DEBT - 2025 Notes (Details)

DEBT - 2025 Notes (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021
2025 Notes | Senior notes
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 250
Write off of deferred debt issuance cost		$ 19
Senior Secured Notes
Debt Instrument [Line Items]
Proceeds from issuance of senior debt	$ 493

DEBT - 2028 Notes (Details)

DEBT - 2028 Notes (Details) - Senior notes - USD ($) $ in Millions	Oct. 01, 2019	Dec. 31, 2021
2028 Notes
Debt Instrument [Line Items]
Proceeds from issuance of senior debt	$ 346
Debt, stated interest rate		4.75%
IAC Notes
Debt Instrument [Line Items]
Debt, stated interest rate		5.625%
Exchange Notes
Debt Instrument [Line Items]
Debt, stated interest rate		5.625%

DEBT - 2029 Notes (Details)

DEBT - 2029 Notes (Details) - USD ($)	Jun. 21, 2021	Sep. 30, 2021	Jul. 31, 2021	Dec. 31, 2021	Sep. 30, 2018
Debt Instrument [Line Items]
Principal amount				$ 1,000,000,000
2029 Notes | Senior notes
Debt Instrument [Line Items]
Proceeds from issuance of senior debt	$ 493,000,000
Principal amount				$ 500,000,000
Debt, stated interest rate				4.50%
2026 Notes | Senior notes
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 250,000,000	$ 500,000,000
Principal amount					$ 750,000,000
Debt, stated interest rate					6.50%

DEBT - 2026 Notes (Details)

DEBT - 2026 Notes (Details) - 2026 Notes - Senior notes - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2021	Jul. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Extinguishment of debt, amount	$ 250	$ 500
Write off of deferred debt issuance cost			$ 36

DEBT - Corporate Credit Facilit

DEBT - Corporate Credit Facility (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020brand
Debt Instrument [Line Items]
Number of quarters | brand		4
Interest Rate Contract | Floating interest rate through September 2023
Debt Instrument [Line Items]
Notional amount	$ 250,000,000
Derivative, fixed interest rate	2.9625%
Interest Rate Contract | Floating interest rate through April 2024
Debt Instrument [Line Items]
Notional amount	$ 200,000,000
Derivative, fixed interest rate	2.248%
Interest Rate Contract | Interest rate collar with a cap and a floor strike rate of April 2024
Debt Instrument [Line Items]
Notional amount	$ 100,000,000
Cap strike rate	2.50%
Floor strike rate	1.881%
Line of Credit | Corporate Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 900,000,000
Basis spread on variable rate	1.75%
Revolving Credit Facility | Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	$ 600,000,000
Revolving Credit Facility | Revolving Corporate Credit Facility, net | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Commitment fee percentage	0.20%
Revolving Credit Facility | Revolving Corporate Credit Facility, net | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Commitment fee percentage	0.40%
Letter of Credit | Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	$ 75,000,000

DEBT - Accumulated Other Compre

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,651
Ending balance	2,976	$ 2,651
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to Income Statement	0
Beginning balance	(39)	(21)	$ (6)
Other comprehensive gain (loss) before reclassifications	21	(18)	(15)
Ending balance	$ (18)	$ (39)	$ (21)

DEBT - 2022 Convertible Notes (

DEBT - 2022 Convertible Notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Debt Instrument [Line Items]
Principal amount	$ 1,000,000,000
Common stock, shares issued (in shares)	75,519,049		75,279,061
Convertible debt, remaining discount amortization period	1 year
2022 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Principal amount				$ 230,000,000
Debt, stated interest rate				1.50%
Conversion price (in usd per share)	$ 146.45
Interest rate, effective percentage	4.73%
Redemption price	100.00%
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.00%
Convertible debt, remaining discount amortization period	4 years
2026 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Principal amount		$ 575,000,000
Debt, stated interest rate		0.00%
Common stock, shares issued (in shares)	0.0058884
Conversion price (in usd per share)	$ 169.83

DEBT - Net Carrying Value Of Th

DEBT - Net Carrying Value Of The Convertible Notes (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Net carrying amount of the liability component	$ 2,631	$ 2,680
2026 Convertible Notes
Debt Instrument [Line Items]
Net carrying amount of the liability component	449
Carrying amount of equity component, net of issuance costs	126
Convertible Notes | 2022 Convertible Notes
Debt Instrument [Line Items]
Principal amount	230	230
Unamortized debt discount	(5)	(13)
Unamortized debt issuance costs	(1)	(2)
Net carrying amount of the liability component	224	215
Carrying amount of equity component, net of issuance costs	33	33
Convertible Notes | 2026 Convertible Notes
Debt Instrument [Line Items]
Principal amount	575	0
Unamortized debt discount	(104)	0
Unamortized debt issuance costs	(10)	0
Net carrying amount of the liability component	461	0
Carrying amount of equity component, net of issuance costs	$ 117	$ 0

DEBT - Interest Expense Related

DEBT - Interest Expense Related To The Convertible Notes (Details) - Convertible Notes - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
2022 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	$ 3	$ 3	$ 3
Amortization of debt discount	8	7	6
Debt issuance cost amortization	1	1	2
Interest expense	12	11	11
2026 Convertible Notes
Debt Instrument [Line Items]
Amortization of debt discount	22	0	0
Debt issuance cost amortization	2	0	0
Interest expense	$ 24	$ 0	$ 0

DEBT - 2022 Convertible Note He

DEBT - 2022 Convertible Note Hedges and Warrants (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares	Dec. 31, 2017shares
2022 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Conversion price (in usd per share) | $ / shares	$ 146.45
Conversion ratio	0.0068282
Convertible Note Hedges
Debt Instrument [Line Items]
Indexed shares (in shares) | shares		1,500,000
Convertible Note Hedges | 2022 Convertible Notes
Debt Instrument [Line Items]
Conversion price (in usd per share) | $ / shares	$ 148.55
Convertible note hedges exercised (in shares) | shares	0
Private Warrants | 2022 Convertible Notes
Debt Instrument [Line Items]
Exercise price of warrants (in usd per share) | $ / shares	$ 177.12
Number of warrants exercised (in shares) | shares	0

DEBT - 2026 Convertible Notes (

DEBT - 2026 Convertible Notes (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)consecutive_trading_daytrading_day$ / shares	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Principal amount		$ 1,000,000,000
Securitized debt net		$ 2,631,000,000	$ 2,680,000,000
Convertible debt, remaining discount amortization period		1 year
2026 Convertible Notes
Debt Instrument [Line Items]
Debt conversion, converted instrument, rate		100.00%
Securitized debt net		$ 449,000,000
Carrying amount of equity component, net of issuance costs		$ 126,000,000
Interest rate, effective percentage		0.00%
Convertible debt, remaining discount amortization period		4 years
Unamortized debt discount and issuance costs		$ (15,000,000)
2026 Convertible Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days | trading_day		20
Debt instrument, convertible, threshold consecutive trading days | consecutive_trading_day		30
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
2026 Convertible Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days | trading_day		5
Debt instrument, convertible, threshold consecutive trading days | consecutive_trading_day		5
Debt instrument, convertible, threshold percentage of stock price trigger		98.00%
2026 Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 575,000,000
Debt, stated interest rate	0.00%
Proceeds from issuance of senior debt	$ 530,000,000
Conversion price (in usd per share) | $ / shares		$ 169.83
Securitized debt net		$ 461,000,000	0
Carrying amount of equity component, net of issuance costs		117,000,000	0
Unamortized debt discount and issuance costs		$ (114,000,000)	$ 0

DEBT - 2026 Convertible Note He

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2017
2026 Convertible Note Hedges | Convertible Notes
Debt Instrument [Line Items]
Conversion price (in usd per share)	$ 171.01
Strike price (usd per share)	$ 169.83
Convertible Note Hedges
Debt Instrument [Line Items]
Indexed shares (in shares)		1,500,000
Convertible Note Hedges | 2026 Convertible Note Hedges
Debt Instrument [Line Items]
Indexed shares (in shares)	3,400,000
Option indexed to issuer's equity, indexed values	$ 100
Number of warrants exercised (in shares)	0
Convertible note hedges exercised (in shares)	0
Private Warrants | 2026 Convertible Note Hedges
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	3,400,000
Exercise price of warrants (in usd per share)	$ 213.76
Warrants and rights outstanding	$ 70
Private Warrants | 2026 Convertible Note Hedges | Convertible Notes
Debt Instrument [Line Items]
Strike price (usd per share)	$ 212.28

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)	Feb. 18, 2022	Dec. 09, 2021	Sep. 10, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2022	Sep. 30, 2021
Stockholders Equity Note [Line Items]
Common stock, shares authorized (in shares)				100,000,000	100,000,000
Common stock, par value (in usd per share)				$ 0.01	$ 0.01
Common stock, shares issued (in shares)				75,519,049	75,279,061
Common stock, shares outstanding (in shares)				42,283,378	41,094,248
Treasury stock, shares (in shares)				33,235,671	34,184,813
Preferred stock, shares authorized (in shares)				2,000,000	2,000,000
Preferred stock, par value (in usd per share)				$ 0.01	$ 0.01
Preferred stock, issued (in shares)				0	0
Preferred stock, outstanding (in shares)				0	0
Stock repurchase program, authorized amount								$ 250,000,000
Stock repurchase program, remaining authorized repurchase amount				$ 172,000,000
Dividends per share (in usd per share)		$ 0.54	$ 0.54	$ 1.08	$ 0.54	$ 1.89
Noncontrolling interests				$ 10,000,000	$ 31,000,000
Subsequent Event
Stockholders Equity Note [Line Items]
Stock repurchase program, remaining authorized repurchase amount							$ 300,000,000
Dividends per share (in usd per share)	$ 0.62
Property Owners Associations
Stockholders Equity Note [Line Items]
Noncontrolling interests				$ 10,000,000	$ 31,000,000

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	34,184,813
Ending of period, number of shares repurchased (in shares)	33,235,671	34,184,813
Cost of Shares Repurchased
Cost of shares repurchased	$ 78	$ 82	$ 465
Treasury Stock
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	17,188,885
Repurchase of common stock (in shares)	492,510
Ending of period, number of shares repurchased (in shares)	17,681,395	17,188,885
Cost of Shares Repurchased
Beginning of period, cost of shares repurchased	$ 1,340
Cost of shares repurchased	78	$ 82	$ 465
Ending of period, cost of shares repurchased	$ 1,418	$ 1,340
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)	$ 77.95
Average price paid per share (in usd per share)	157.77
Ending of period, average price paid per share (in usd per share)	$ 80.17	$ 77.95

SHAREHOLDERS' EQUITY - Cash Div

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares	Dec. 09, 2021	Sep. 10, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Dividends per share (in usd per share)	$ 0.54	$ 0.54	$ 1.08	$ 0.54	$ 1.89

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	1,800,000
Number of shares available for grant (in shares)	1,400,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)	$ 161.42
Aggregate intrinsic value, vested (less than)	$ 46	$ 30	$ 34
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)	$ 70.66	$ 29.63	$ 28.89
Aggregate intrinsic value, vested (less than)	$ 5	$ 4	$ 4
Aggregate intrinsic value, exercised	$ 14	$ 19	$ 11
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized (in shares)	500,000
Percentage of fair market value of common stock (not less than)	95.00%
Employees and Non Employee Directors | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Weighted average grant date fair value (in usd per share)		$ 95.92	$ 95.66
ILG, Inc | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate intrinsic value, vested (less than)	$ 3	$ 6	$ 15

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 51	$ 37	$ 37
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	34	22	17
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	9	9	7
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	0	2	10
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	43	33	34
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 8	$ 4	$ 3

SHARE-BASED COMPENSATION - Defe

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 35	$ 34
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	33	27
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	0	6
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	33	33
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 2	$ 1
Outstanding, weighted average remaining contractual terms	5 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Outstanding, weighted average remaining contractual terms	1 year
Deferred compensation expense weighted average expected recognition period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Outstanding, weighted average remaining contractual terms	2 years
Deferred compensation expense weighted average expected recognition period	3 years

SHARE-BASED COMPENSATION - Chan

SHARE-BASED COMPENSATION - Changes in Outstanding RSUs and Weighted Average Grant Date Fair Values (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Service-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) | shares	783,489
Granted (in shares) | shares	260,077
Distributed (in shares) | shares	(264,735)
Forfeited (in shares) | shares	(13,751)
Outstanding at ending of year (in shares) | shares	765,080
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) | $ / shares	$ 88.98
Granted (in usd per share) | $ / shares	161.42
Distributed (in usd per share) | $ / shares	97.57
Forfeited (in usd per share) | $ / shares	115.94
Outstanding at ending of year (in usd per share) | $ / shares	$ 110.14
Performance-based RSUs
Number of Awards
Outstanding at beginning of year (in shares) | shares	550,171
Granted (in shares) | shares	0
Distributed (in shares) | shares	(35,135)
Forfeited (in shares) | shares	(39,915)
Outstanding at ending of year (in shares) | shares	475,121
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) | $ / shares	$ 99.56
Granted (in usd per share) | $ / shares	0
Distributed (in usd per share) | $ / shares	138.68
Forfeited (in usd per share) | $ / shares	133.95
Outstanding at ending of year (in usd per share) | $ / shares	$ 93.77
Restricted stock units
Number of Awards
Outstanding at beginning of year (in shares) | shares	1,333,660
Granted (in shares) | shares	260,077
Distributed (in shares) | shares	(299,870)
Forfeited (in shares) | shares	(53,666)
Outstanding at ending of year (in shares) | shares	1,240,201
Weighted Average Grant-Date Fair Value Per Share
Outstanding at beginning of year (in usd per share) | $ / shares	$ 93.34
Granted (in usd per share) | $ / shares	161.42
Distributed (in usd per share) | $ / shares	102.39
Forfeited (in usd per share) | $ / shares	129.33
Outstanding at ending of year (in usd per share) | $ / shares	$ 103.87

SHARE-BASED COMPENSATION - Ch_2

SHARE-BASED COMPENSATION - Changes in Outstanding SARs and Weighted Average Exercise Prices (Details) - SARs $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Number of SARs
Outstanding at beginning of year (in shares) | shares	622,102
Granted (in shares) | shares	127,857
Exercised (in shares) | shares	(122,031)
Forfeited (in shares) | shares	(1,053)
Outstanding at ending of year (in shares) | shares	626,875
Weighted Average Exercise Price Per SAR
Outstanding at beginning of year (in usd per share) | $ / shares	$ 84.58
Granted (in usd per share) | $ / shares	173.88
Exercised (in usd per share) | $ / shares	57.78
Forfeited (in usd per share) | $ / shares	173.88
Outstanding at year-end (in usd per share) | $ / shares	$ 107.86
Intrinsic value, outstanding | $	$ 39
Outstanding, weighted average remaining contractual life	6 years
Exercisable (in shares) | shares	356,698
Exercisable, weighted average value (in usd per share) | $ / shares	$ 86.61
Aggregate intrinsic value, exercisable | $	$ 29
Outstanding, weighted average remaining contractual terms	5 years

SHARE-BASED COMPENSATION - Assu

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Expected volatility	48.35%	38.81%	31.10%
Dividend yield	1.48%	2.13%	1.76%
Risk-free rate	0.97%	0.96%	2.59%
Expected term (in years)	6 years 3 months	6 years 3 months	6 years 3 months

VARIABLE INTEREST ENTITIES - Cl

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Consolidated Assets	$ 9,613	$ 8,898
Consolidated Liabilities	6,627	$ 6,216
Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,813
Consolidated Liabilities	1,879
Securitized debt | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,877
Vacation ownership notes receivable, net of reserves | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,662
Interest receivable | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	12
Restricted cash | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	139
Interest payable | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Liabilities	2
Vacation Ownership Notes Receivable Securitizations | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,813
Consolidated Liabilities	1,879
Vacation Ownership Notes Receivable Securitizations | Securitized debt | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,877
Vacation Ownership Notes Receivable Securitizations | Vacation ownership notes receivable, net of reserves | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,662
Vacation Ownership Notes Receivable Securitizations | Interest receivable | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	12
Vacation Ownership Notes Receivable Securitizations | Restricted cash | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	139
Vacation Ownership Notes Receivable Securitizations | Interest payable | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Liabilities	2
Warehouse Credit Facility | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	0
Consolidated Liabilities	0
Warehouse Credit Facility | Securitized debt | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Liabilities	0
Warehouse Credit Facility | Vacation ownership notes receivable, net of reserves | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	0
Warehouse Credit Facility | Interest receivable | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	0
Warehouse Credit Facility | Restricted cash | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Assets	0
Warehouse Credit Facility | Interest payable | Variable Interest Entity
Variable Interest Entity [Line Items]
Consolidated Liabilities	$ 0

VARIABLE INTEREST ENTITIES - In

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Interest income	$ 259	$ 257	$ 264
Administrative expenses	227	$ 154	$ 248
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	219
Interest expense to investors	45
Debt issuance cost amortization	8
Administrative expenses	3
Vacation Ownership Notes Receivable Securitizations | Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	217
Interest expense to investors	43
Debt issuance cost amortization	7
Administrative expenses	3
Warehouse Credit Facility | Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	2
Interest expense to investors	2
Debt issuance cost amortization	1
Administrative expenses	$ 0

VARIABLE INTEREST ENTITIES - Ca

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Outflows
Funding of restricted cash	$ (204)
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations		$ 841	$ 371
Principal receipts		585	487
Interest receipts		228	218
Reserve release		159	16
Total		1,813	1,092
Cash Outflows
Principal to investors		(590)	(509)
Voluntary repurchases of defaulted vacation ownership notes receivable		(99)	(95)	$ (54)
Voluntary clean-up call		(72)	(18)
Interest to investors		(43)	(49)
Funding of restricted cash		(217)	(20)
Total		(1,021)	(691)
Net Cash Flows		792	401
Warehouse Credit Facility
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations		107	315
Principal receipts		2	34
Interest receipts		2	17
Reserve release		1	2
Total		112	368
Cash Outflows
Principal to investors		0	(33)
Voluntary repurchases of defaulted vacation ownership notes receivable		0	(3)
Repayment of Warehouse Credit Facility		(107)	(300)
Interest to investors		(2)	(4)
Funding of restricted cash		(1)	(2)
Total		(110)	(342)
Net Cash Flows		$ 2	$ 26

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	$ 279	$ 276
Notes receivable (less than)		1
Waikiki Hawaii
Variable Interest Entity [Line Items]
Purchase commitment obligation due, 2022	104
Waikiki Hawaii | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	1
Notes receivable (less than)	1
Maximum loss exposure, amount	1
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Voluntary repurchase of defaulted notes receivable	99	95	$ 54
Voluntary repurchase of other non-defaulted notes receivable	$ 200	$ 383	$ 356

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021sourcesegment	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Disclosure [Line Items]
Number of reportable business segments | segment	2
Geographic Concentration Risk | Sales revenue, net | All other countries
Segment Reporting Disclosure [Line Items]
Concentration risk, percentage	10.00%	10.00%	11.00%
Vacation Ownership
Segment Reporting Disclosure [Line Items]
Number of primary sources | source	4

BUSINESS SEGMENTS - Revenues (D

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 3,890	$ 2,886	$ 4,259
Revenues excluding cost reimbursement	2,762	1,844	3,151
United States
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues excluding cost reimbursement	2,499	1,664	2,810
All other countries
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues excluding cost reimbursement	263	180	341
Vacation Ownership
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	3,539	2,530	3,761
Exchange & Third-Party Management
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	320	309	454
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	3,859	2,839	4,215
Operating Segments | Vacation Ownership
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	3,539	2,530	3,761
Operating Segments | Exchange & Third-Party Management
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	320	309	454
Corporate and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total Revenues	$ 31	$ 47	$ 44

BUSINESS SEGMENTS - Reconciliat

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income or Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Corporate and other	$ (186)	$ (113)	$ (219)
Interest expense	(164)	(150)	(132)
Tax (provision) benefit	(74)	84	(83)
Depreciation and amortization	(146)	(123)	(141)
Share-based compensation expense	(51)	(37)	(37)
Certain items	(173)	(284)	(227)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	49	(275)	138
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	699	229	794
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 144	$ 119	$ 183

BUSINESS SEGMENTS - Depreciatio

BUSINESS SEGMENTS - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	$ 146	$ 123	$ 141
Operating Segments
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	137	111	115
Operating Segments | Vacation Ownership
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	89	79	68
Operating Segments | Exchange & Third-Party Management
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	48	32	47
Corporate and other
Reconciliation of Depreciation by Segment [Line Items]
Depreciation and amortization	$ 9	$ 12	$ 26

BUSINESS SEGMENTS - Assets (Det

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 9,613	$ 8,898
Fixed Assets	1,136	791
United States
Segment Reporting Information [Line Items]
Fixed Assets	988	640
All other countries
Segment Reporting Information [Line Items]
Fixed Assets	148	151
Operating Segments
Segment Reporting Information [Line Items]
Assets	8,808	7,810
Operating Segments | Vacation Ownership
Segment Reporting Information [Line Items]
Assets	7,897	6,859
Operating Segments | Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Assets	911	951
Corporate and other
Segment Reporting Information [Line Items]
Assets	$ 805	$ 1,088

BUSINESS SEGMENTS - Capital Exp

BUSINESS SEGMENTS - Capital Expenditures (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	$ 297	$ 202	$ 293
Operating Segments
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	299	198	280
Operating Segments | Vacation Ownership
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	296	191	266
Operating Segments | Exchange & Third-Party Management
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	3	7	14
Corporate and other
Segment Reporting, Other Significant Reconciling Item
Capital Expenditures	$ (2)	$ 4	$ 13